Bitcoin Price Analysis: Trapped in Descending Channel
- Price Range Analysis: Bitcoin has been trading within a descending channel for eight months since peaking near $126,000, with the current structure indicating a potential bottom near $51,291, reflecting ongoing market weakness and downward pressure.
- Market Expectation Shift: Kalshi traders now predict a 60% chance of Bitcoin touching $60,000 before reclaiming $100,000, indicating a waning confidence in a quick recovery to six figures and reflecting a cautious sentiment among investors regarding future price movements.
- Technical Indicator Signals: The rejection at $83,156 led to a more than 12% price drop, with Bitcoin hovering around $73,670, currently positioned in the lower half of the channel, suggesting that bears may continue to exert pressure until a lower support level is reached.
- Analyst Insights: An analyst suggests that the channel's end may be near $51,291, while other technicians warn that the bottom could be even lower, indicating that if Bitcoin loses its current support zones, it may face greater downside risks.
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Technical Analysis for MAJOR
Technical Sentiment Analysis for Major (MAJOR). As of , Major (MAJOR) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MAJOR 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, MAJOR 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 $-.
Major (MAJOR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0372 | 0.0439 | 0.0495 | 0.0561 | 0.0617 | 0.0683 | 0.0739 |
| Fibonacci | 0.0439 | 0.0485 | 0.0514 | 0.0561 | 0.0608 | 0.0636 | 0.0683 |
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