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Bitcoin price has been volatile after a strong rally in the first half of this month. has stalled just above $103,000 The price has been stuck in a narrow range of consolidation for the last week. On the daily chart, there is a constant resistance level just above $107,000. Recent candles are forming into a narrow horizontal band that indicates low momentum and indecision.
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The price action could be interpreted as a temporary pause in the market before the next upward leg. This could however be a false alarm that will cause the price to reverse and fall towards $98,000.
Every Close above $107K is a Breakout Sign
Bitcoin’s price has been consolidating around $103,000 for more than a week. A breakout in any direction could occur. Ali Martinez posted a post recently on social media site X. noted the importance of A daily close of more than $107,000 for a bullish Bitcoin.
The chart shows that the price is approaching this threshold. multiple times since December The daily deadline for 2024 was not met. The result has been the creation of a horizontal bar just under $108,000. It is noteworthy that even Bitcoin’s record high price of $108,786 set on January 20th failed to reach the $107,000 mark on this day.
Martinez: a confirmed close above this level This could lead to further upward movement towards new highs. Martinez cautions traders to be careful and not force positions until the threshold has been decisively crossed.
Image From X: @ali_charts
Bitcoin trap setup and liquidity sweep up to $98K
The TradingView website published a separate breakdown of the technical analysis by TehThomas. far more cautious outlook for Bitcoin. The analyst also noted that Bitcoin spent over eight days in a tight range of roughly $100,800 and $105,800.
This range may be used by traders to lure them into premature breakouts. This chart’s 4-hour candlestick shows an obvious consolidation block with the price unable to leave either end and liquid pooling both above $105,800 and under $100,000.
TehThomas is convinced that the highs of $105,800 act as a lure for longs to break out. He anticipates Bitcoin briefly to sweep the highs and then cause a fast and decisive move downwards The lower end of the demand spectrum is between $98,000 and $78,500.
The price is expected to move in this area, which is indicated by the large fair value gap on the chart and the golden pocket.
Image From TradingView: TehThomas
This short setup to $98,000 will be nullified if Bitcoin manages hold at or above $105,800. shows a continued strong volume And follow through.
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Bitcoin traded at $103,914 as of the writing. This is a decrease of 0.06% from the previous 24 hours.
Chart from TradingView, image is from Unsplash
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Source: www.newsbtc.com
