After a huge breakthrough last week He pushed Bitcoin into the recent all time Of the $ 118,667, the leading cryptocurrency in the world seems to breathe. At the time of writing, Bitcoin trads around USD 117,953, slightly below its last peak. This move took place after a series of subsequent daily profits, when the stubborn momentum swept through the cryptographic industry.
In a technical analysis made available on the TRADINGVIEW platform, the Crypto Rlield analyst indicated two scenarios that can be reproduced in the coming days and weeks, depending on About how bitcoins react to nearby resistance and support levels.
Support zones can affect another massive Bitcoin traffic
Technical RLLLE The analysis starts with Identifying the recent significance of the highest level of Bitcoin. Although Bitcoin introduced something that seems to be a phase of consolidation, there is no confirmed top yet. Market structure It still favors the stubborn continuation, Especially considering that Bitcoin is just coming out of the extended two -month consolidation zone and enters the implementation phase.
According to the 1-hour chart of prices, Bitcoin is currently trading slightly above the support area below USD 117,500. If Bitcoin does not maintain this zone, the leading cryptocurrency may start cascade of corrections that could Keep a price to $ 115,500, and then potentially to $ 114,300, and even back to the previous highest all time in the amount of USD 111,800.
Below 0.5 and 0.705 Fibonacci levels of approximately 113 031 USD and USD 111,960, respectively, can act as momentary pillows. The last main defense purchase zone is around 110 400 USD, where bulls can enter the reflection. Basically, this means that if Bitcoin loses the support level of USD 115,500, he can return to USD 110,000 before encountering another sturdy purchase support zone.
Photo from TradingView: Rlielda
Bitcoin up to $ 125,000, but he must first violate the resistance
On the other hand, Bitcoin can still exceed USD 118,000 and enhance to USD 125,000, but only under certain conditions. The state of continuation of the rally depends primarily on bitcoins recording the decisive daily close to over 118 400 USD and USD 118,900. Her words everyday close to these price levels would indicate a “breakthrough of the structure.” This in turn will confirm the transition from consolidation to Another impulsive phase up.
Basically, Both bears and stubborn perspectives It depends on how bitcoins react in any of the vital zones, or support of USD 116,200, or resistance above USD 118,400 before the directional movement. However, it should be noted that consolidation after a rally last week may last weeks or even months, as in previous rallies in this cycle.
According to the long -term owner of unrealized profit and loss (NUPL) Glassnode record, The current level of long -term moods of Bitcoin is 0.69. This is especially below 0.75 a sign related to euphoric market conditions, despite the fact that Bitcoin has just printed a recent highest level of all time.
Bitcoin spent about 228 days above the threshold of 0.75 euphoria in the previous cycle of the bull market. However, this current cycle saw only about 30 days above this level, which suggests that long -term owners did not fully leave the profit, and lead cryptocurrencies did not reach overheated conditions.
A distinguished picture from Unsplash, TradingView chart
