Bitcoin Faces Critical Support Threat as Analyst Warns of Bearish Control
- Technical Pattern Analysis: Bitcoin is forming a rising wedge pattern on the 3-day timeframe, which historically favors downside resolutions, although there remains potential for an upward move; analyst EGRAG CRYPTO notes that if resistance is broken, targets could reach $100,000 to $104,000.
- Importance of Support Levels: If Bitcoin fails to hold above the lower support of the wedge, it could lead to a drop towards $59,000, with the analyst warning that panic selling could push prices down to $41,000 under extreme market pressure, indicating a fragile market sentiment.
- Weakening Market Momentum: Despite maintaining some bullish momentum recently, the narrowing price action within the wedge suggests a loss of strength among buyers; the analyst emphasizes that without a strong breakout above resistance, the market may shift towards sellers, increasing downside risks.
- Historical Behavior Comparison: EGRAG CRYPTO compares the current structure to previous correction phases in Bitcoin's history, suggesting that if current momentum continues to weaken, historical patterns may repeat, prompting market participants to closely monitor support levels to determine future market direction.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 3 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 70035.568 | 73177.994 | 76565.148 | 79707.574 | 83094.728 | 86237.154 | 89624.308 |
| Fibonacci | 73177.994 | 75672.294 | 77213.274 | 79707.574 | 82201.874 | 83742.854 | 86237.154 |
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