Cryptowzrd is back in a brand new version update Bitcoin Daily Technical Overview: Noted that this is a daily update. market The market closed down, leaving the door open for further decline. The close of the market below support at $110 500 could signal a major shift. It is worth keeping an eye on lower levels.
Bitcoin’s Daily Candle Signals Bearish Force
Cryptowzrd elaborated on his forecast by noting that Bitcoin’s candle daily closed in a bearish manner, and the price is now below $110,500. It’s a good idea to keep this in mind. breakdown This is of great importance and could lead to further sales pressure if the buyers don’t regain this level.
He said that holding this level of support could lead to a move towards the $100,000 threshold. A strong bullish candles and a rapid recovery Could invalidate bearish setup and restore confidence to buyers.
The analysis also included a review of the performances. Bitcoin Dominance (BTC.D), that closed with indecision and showed weakness. This is seen by many as a sign of strength for alternative currencies, since it shows that money is shifting away from Bitcoin into other assets.
This shift in dominance is a reflection of growing confidence on the market. altcoins. When Bitcoin dominance slows down or falls, altcoins tend to rally, which allows traders to take advantage of promising market setups.
Finaly, he said that we are now entering the month-long transition period. This is a time of increased volatility. volatility Mixed sentiment. As we head into the weekend, the president stressed that it was important to stay rational, not overextend in any direction and keep measured strategies as he waits for confirmation.
BTC volatility dominates the intraday market
Cryptowzrd stated that Bitcoin’s intraday charts displayed a sharply volatile intraday with a bearish tone. Bitcoin has fallen and currently holds below the intraday $110400 support. It is now critical to hold this level, because losing it indicates weakening buyers and increases the risk of further decline. pressure.
According to him, Bitcoin could turn into resistance if it fails to return back up above $110400. In such a case, a short-term setup would be likely to occur. The price could target the $105,500 area of support or extend lower if bearish sentiment accelerates. The $110,400 area becomes a crucial battleground for intraday traders who are closely monitoring setups.
Cryptowzrd has pointed out, however, that the price could be shifted if there is a significant reclaim or hold of more than $110 400. momentum The bulls are now in the ascendant, which opens the way for more upside pressure. The crypto analyst stressed that there is a lack of clarity in the current market, so traders are advised to exercise caution.
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Source: www.newsbtc.com
