2 days ago
This is simply a regular investigation by CoinDesk expert and Chartered Market Technician Omkar Godbole.
Bitcoin (BTC) remains susceptible to further downside, having mislaid implicit 7% since hitting grounds highs supra $124,000 connected Thursday.
Bullish momentum fading
The play illustration (candlestick format) shows that BTC's ongoing diminution follows repeated bull nonaccomplishment to unafraid a foothold supra $122,056, the Fibonacci aureate ratio. It besides marked the inability to support gains supra the important semipermanent absorption trendline that connects the bull marketplace highs of 2017 and 2021.
Additionally, the play stochastic oscillator has rolled implicit from the overbought portion supra 80, signaling a imaginable correction ahead.
Daily chart
On the regular chart, BTC’s latest candle has breached beneath the bullish trendline extending from April lows, pursuing Friday’s bearish outside-day candle that signaled a imaginable displacement toward seller dominance.
Together, these method signals bespeak an expanding downside hazard for BTC successful the adjacent term, with a imaginable retest of $11,982, the constituent from which the marketplace turned higher connected Aug. 3. A usurpation of this level would displacement absorption tothe 200-day elemental moving mean astatine astir $100,000.
A imaginable reversal higher to supra $118,600 (Sunday's high) during the time up would weaken the carnivore case.
- Resistance: $120,000, $122,056, $124,429.
- Support: $111,982, $105,295 (the 31.8% Fib retracement of April-August rally), $100,000.
English (US) 