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This article is also available in Spanish.
Bitcoin is showing signs of fatigue After reaching the recent highest all time in the amount of USD 111,814 on May 22. Since then, Bitcoin had many unsuccessful attempts to break above this level, which led to an boost in the pressure of the bear.
Over the past few days, the price campaign has started to create a sequence of lower maxima in 4-hour time frames, which, according to the technical analysis of the trade platform, is interpreted as a signal that it is a signal The rush party can lose a pair.
The resistance rejects again with the dual highest risk
Analyst Behind the postingview post He emphasized a clear pattern of rejection near the zone from 111,000 to 112,000 USD, which Bitcoin tested many times since last week, but could not be pierced. This repeated lack of break above says that the stubborn momentum disappears quickly, especially since the retail buyers are now slightly hesitation in buying in this zone.
Related reading: TODY cryptographic market: 5 stubborn catalysts to watch, which say that the price of bitcoins is increasing
According to the chart analysis, the current price movement begins to resemble a classic double upper structure, which is a technical formation that often signals the transition stubborn remote control of domination bears. Given the weakness of the consequences with each attempt up, this configuration can be an early signal of a more significant reversal of the market in the coming days.
With this in mind, the analyst illustrated this perspective with the expected zigzag path on a 4-hour candlestick time chart, expecting that the next rejection of the retaining team can cause a cascading move down. In addition, these numerous rejection led to the simultaneous weakening of support of around USD 105,000, and this level may soon disappear.
Bitcoin may fall into the support zone of USD 102,000
If this forecast Zigzag path set off, the Bitcoin price could decrease in the coming days and head towards the support area located from 101,000 to USD 102,000. This zone is concentrated because it acted as a mighty level of support between May 14 and May 19. Bitcoin was ultimately at this level to reflect, which eventually pushed him to the highest level of all time in the amount of USD 111,900 achieved on May 22.
Although the narrative on the bull market is Still dominant in the long termThe current price campaign changed the compact -term tone of the market to make Baresh. This analysis applies to this potential, and Bitcoin can visit from 101,000 to USD 102,000 again before the next leg.
At the time of writing, Bitcoin trades at USD 105 2,72, which is a 2.5% decrease in the last 24 hours. Support level 106,800 USD It has already subsided, and now the emphasis is on maintenance above $ 105,000. If Bitcoin does not accommodate over USD 105,000 during upcoming commercial sessions, this can lead to a cascading slowdown in the direction of USD 101,000 over the weekend.
A distinguished picture from Getty Images, chart from TradingView.com
