Bitcoin’s chart is showing signs of promise as the RSI climbs, indicating the possibility for more upside. But the fight is far from over. The price is hovering around the $107,000 critical support. bulls Must defend this level in order to avoid further downward pressure.
RSI And price alignment: A textbook example of momentum confirmation
Recent market updateEGRAG CRYPTO has questioned whether bulls and traders are examining the same chart. The current structure macro-weekly of Bitcoin does not show any signs of bearishness. The overall setup is still bullish and suggests that price movement continues to be part of an uptrend.
It is important to note that the word “you” means “you”. analyst It was noted that when Bitcoin’s price and Relative Strength Index rise at the same time on a weekly basis, this is a sign of strength rather than a cautionary signal. It is often a sign of strong momentum when these indicators align. buying The market’s interest and conviction supports the idea of further bullish pressure for the short to medium term.
EGRAG CRYPTO also highlighted the Exponential moving average (EMA) band, which is still supportive and reinforces the strength of the trend. The expert believes that the current set-up is not merely a confirmation of the macro trend, but a strong indication. market noise. This type of alignment usually occurs before significant phases in the continuation of a trend, indicating that it is sustainable.
But the expert also added that caution. traders Only be cautious if the RSI reaches overbought levels above 70. This could indicate a temporary cooling down. Bitcoin is still able to move forward with RSI at around 50. It is clear that the market has strong technical support and a lot of potential to continue its upward momentum.
Bitcoin Faces Rejection At $111,000: Bulls Lose Grip On Momentum
Crypto VIP Signals’ latest analysisBitcoin faces challenges today after it failed to maintain its momentum of growth above $112,000 This rejection suggests that selling pressure Keeps bullish momentum in check temporarily.
Crypto VIP stated that Bitcoin has now tested the $107,000 level of support, an area critical that will determine what the next move could be. It is important to hold this level in order to prevent further declines, since it was a crucial foundation for previous consolidation phases.
The ongoing sell-off could be extended if the price breaks below $107,000. correction. This level is now important for monitoring, because a rise from this point could reignite bullish feelings, and a fall might expose Bitcoin in the near term to more downside risks.
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Source: www.newsbtc.com
