BTC Update:
The current Bitcoin price has entered a critical selling pressure zone. To maintain a bullish outlook, a break above the $99.5k-$100k resistance level is necessary.
Failure to do so may result in the formation of lower highs on the daily time frame, potentially leading to another downward move towards the
73K-$72k support zone.
On the weekly time frame, Bitcoin has left a wick downside without closing below it, which is a positive sign. However, the next candle is crucial, and a close above the $99.5k-$100k zone is needed to maintain bullish momentum.
A close below the $90k-
89K zone would likely confirm another downward move towards the lower low structure of 73K-$72k.
As indicated by the chart, failure to break above the $99.5k-$100k zone may result in the formation of lower highs, potentially leading to another downward move.
Investors are advised to exercise caution and not be swayed by market noise. The chart is indicating a potential move towards lower lows if the resistance level is not broken.
To manage risk, consider booking short-term profits and implementing stops on the profit side. Always prioritize risk management and adjust positions accordingly.
Key levels to watch:
- Resistance: $99.5k-$100k
- Support:73K-$72k
- Critical zone: $90k-89K
The current Bitcoin price has entered a critical selling pressure zone. To maintain a bullish outlook, a break above the $99.5k-$100k resistance level is necessary.
Failure to do so may result in the formation of lower highs on the daily time frame, potentially leading to another downward move towards the
73K-$72k support zone.On the weekly time frame, Bitcoin has left a wick downside without closing below it, which is a positive sign. However, the next candle is crucial, and a close above the $99.5k-$100k zone is needed to maintain bullish momentum.
A close below the $90k-
89K zone would likely confirm another downward move towards the lower low structure of 73K-$72k.As indicated by the chart, failure to break above the $99.5k-$100k zone may result in the formation of lower highs, potentially leading to another downward move.
Investors are advised to exercise caution and not be swayed by market noise. The chart is indicating a potential move towards lower lows if the resistance level is not broken.
To manage risk, consider booking short-term profits and implementing stops on the profit side. Always prioritize risk management and adjust positions accordingly.
Key levels to watch:
- Resistance: $99.5k-$100k
- Support:
73K-$72k- Critical zone: $90k-
89K
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join My Telegram Channel For Getting Free Signals and Analysis 👇👇
t.me/fxinsighthub7
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.