Does bitcoin turn up or down? The encryption analyst reveals critical levels of viewing

This has seen Bitcoin during the past 24 hours slowly Restore from $ 104,000 The week started in. This range has become particularly important as Bitcoin continues to flirt with the levels of last time seen during its last pushing towards its highest levels ever. Bitcoin price movements on The past two days have been tightenedAnd the behavior of the candles on the weekly graph led to the formation of Doji on the timeline of the weekly candle, which is an indication of the frequency.

Interestingly, the technical analysis of the encryption analyst Tony “Taur” Sevirino has highlighted the critical levels of viewing that will determine whether the bitcoin price is Diaspora turning or is still optimistic.

Mixed signals: Why is the current resistance area very important

Cross Tony “Taurus” Cevirino Share an in -depth scheme and collapse On the social media platform X, referring to the levels of support and horizontal resistance as the most important technical indicators in his opinion. As shown in its Bitco Weekly chart, the leading cryptocurrency is now pressing against a well -defined resistance area below its highest level ever, clearly clearly in red. the This level is close to its height at all It means that it can serve as a roof, which makes it an important area to monitor either interruption or reflection.

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Tony determines three possible explanations for the current market structure on the resistance level of $ 108,000. The bullish state depends on the bitcoin uniformity under the resistance, a pattern often followed by ascending continuity. The neutral condition is that bitcoin can form a wide trading scope, in which case, it makes sense to limit the market to resistance during purchase near support. On the landmark, the presence of Duji candles on this main level may be a sign of momentum fading An early signal to reflect the price.

Its commercial strategy reflects this uncertainty. He placed short sites inside the red resistance area, while stopping stopping the highest level ever. Meanwhile, he set a purchase order in the green penetration area above the highest level ever, ready to switch for a long time if the price of bitcoin penetrates the resistance convincingly.

The conditions of the upscale collapse have not yet been fulfilled

Although Tony indicated that the broader investment market, including Altcoins and the stock market, seems strong, he warned that this does not guarantee a bullish outbreak of Bitcoin. For confirmation, the upscale collapse must be preceded by harmonizing the various technical indicators. This penetration includes large trading volume, reading the relative strength index above 70 on the weekly graph, and a weekly closure over Bollenger Band.

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However, at the present time, the Bitcoin CME FUTERES chart failed to exceed 70 on the daily RSI twice, and the trading volume decreased. According to Coinmarketcap, Bitcoin’s trading volume is 44.33 billion dollars over the past 24 hours, with 11.40 % of the previous 24 hours. These are early warning signs that the attempt to collapse may lack the strength necessary for sustainability.

However, the conditions are still very mixed and start in It tends more climbing than landing. At the time of this report, Bitcoin is trading at $ 102,352, a decrease of 1.31 % over the past 24 hours.

Distinctive photo of Pixabay, Chart from TradingView.com