Bitcoin prices have not made meaningful bounces, and bears continue to attack as they keep the price of less than $ 110,000 for most of the weekend. This has already been afraid in the market, with a new five -month low score as the fear and greed index fell into fear. Here, the next direction of Bitcoin’s price is a lot of weight on the entire market, and the point where cryptocurrency is sitting is the decision point.
Bitcoin prices are an important intersection
According to Crypto Analyst Weslad, who posted interesting analysis on the TradingView website, Bitcoin Price is now sitting on the level of production or interruption. This important intersection is in the main supply area, and at this point, the strong supply can be followed quickly.
Encryption analysts explain that the price of bitcoin is still beyond the main demand area of 106,269-$ 108,715, which is still very strong at the price. In fact, this is known as the point where Bitcoin bulls are often the point of maintaining, supporting, supporting, and triggering the next rising waves.
This means that the bull must keep this demand area in order to maintain the first rise. For successful holds and subsequent bounce and powerful momentum bounce and brake out, you can put Bitcoin prices on a route to over $ 124,000.
As the encryption analyst moves farther at this point, I think this bounce can send Bitcoin prices to $ 135,627- $ 139,616. This will increase by more than 20% for cryptocurrency.
Bears can still be controlled
Although BULTS seems to have a first rising trend, it seems that the Bitcoin price seems to be maintained higher than the demand area of $ 106,269- $ 108,715, but it is still possible for bears to take over. Weslad pointed out that the seller is still very active in the market, pointing out the rejection of the $ 117,000 supply area.
If sales continue, the pressure may further reduce the price of bitcoin, which may lead to risk of major demand. If Bears can be successfully destroyed below $ 106,269-$ 108,715, password analysts expect prices to continue to have difficulty.
Here, the decline can cause another conflict of 10%, and these collisions can see that bitcoin prices move straight to $ 98,384. This break means Bitcoin’s first three months of psychological levels of $ 100,000.
DALL.E’s main image, TradingView.com chart
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