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Bitcoin prices have fluctuated significantly in recent weeks, falling to a level near $98,400 before rising above $105,000.
Possible 12% Retrace to $92,000
Doctor Profit, a technical analyst who specializes in social media platforms (such as Twitter), recently published a series of key points on this platform. indicating There is a $92,000 Chicago Mercantile Exchange gap.
Analysts predict that the analyst will eventually reach this level, implying that closing the gap may create more fear on the market. This can often be used by market makers to manipulate the markets.
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In his analysis, Doctor Profit highlighted the significant liquidity that exists in this area. This makes it an attractive target for Bitcoins in the short term. It could mean that a 12% correction of the price is possible. BTC’s price.
Doctor Profit pointed out several other technical indicators which suggest that Bitcoin is in a downward trend. He highlighted the Moving average convergence/divergence (MACD) crossing on the daily chart and the breakdown of the critical $104,000 level.
Also, the analyst discussed the temporary loss that he called the “golden line,” This is another important level to monitor in order to achieve further recovery.
Doctor Profit cautioned that caution was necessary near critical levels, such as the CME Gap at $92,000 and $100,000. He even posited that a worst-case scenario could see Bitcoin correcting all the way down to the $82,000–$84,000 range.
Bitcoin Fate Hangs On Golden Line
Further information about Doctor Profit elaborated The golden line is a crucial retest that confirms the breakage that happened yesterday. Bitcoin needs to be above this line in order to continue its bullish trend.
He also identified an important liquidity cluster Around the $113,000 level, noting this area is full of short liquidations. If Bitcoin is able to consolidate above this golden line, traders will be able to shift their protective strategies and return to a bullish outlook.
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Doctor Profit’s analysis concluded that stating The current uncertainty in the market indicates that although he originally expected Bitcoin to hit $90,000.000 before reaching any new All-Time Highs (ATH), this is no longer necessary.
Bitcoin could reach new heights with no need to go back over the $90k mark.
BTC is trading at $105,560 as of this writing. This represents a price increase of 3% in the last 24 hours. The market’s top cryptocurrency is now 5.3% lower than its previous record of $111 800.
Chart by TradingView.com. Image from DALL.E.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
