- Bitcoin’s next move hinges on breaking past the $96K level and the 200EMA trendline for potential gains beyond $100K.
- A symmetrical triangle pattern suggests a breakout, with Bitcoin potentially testing $108K or even surpassing ATH.
- Momentum signals suggest a bullish shift is coming, but traders must manage risks as key resistance levels remain unbreached.
Bitcoin’s price action has captivated market participants, showcasing strong resilience despite ongoing consolidation near critical support levels. A crypto analyst, Dieguito Charts, has emphasized pivotal price zones and indicators that could dictate Bitcoin’s next major move.
After rebounding from range lows, Bitcoin is currently trading within a defined price range. However, it has yet to breach the $96,000 level or the 4-hour 200EMA trendline. These levels serve as crucial barriers to bullish momentum. A decisive break above them could signal a potential rally toward $100,000 and beyond, possibly even touching all-time highs (ATH).
Key Technical Indicators Signal Market Sentiment
Bitcoin reveals multiple technical indicators supporting a cautiously optimistic outlook. Horizontal support and resistance levels around $90,543 and $108,353 highlight critical zones for buyers and sellers. These areas have historically dictated Bitcoin’s major price movements.
Source: DieguitoCharts
The presence of moving averages indicates a mixed short-term and medium-term trend. A red line shows resistance in the short term, while a blue line underscores medium-term consolidation. Additionally, a white dashed trendline underscores Bitcoin’s upward momentum over the long term.
Notably, a symmetrical triangle pattern is forming, characterized by lower highs and higher lows. This reflects a period of market indecision but hints at a potential breakout. If the breakout materializes, Bitcoin could move toward the $108,353 resistance, signaling a strong bullish trend.
Momentum Oscillator and Divergence Signals
The momentum oscillator provides critical insights into market cycles. Peaks and troughs correspond to overbought and oversold conditions, respectively. Recently, the oscillator suggests a bullish breakout is imminent, given Bitcoin’s accumulation phase.
Moreover, divergence signals align with potential reversals, further reinforcing a bullish bias. Dieguito Charts remains cautiously optimistic, advising traders to monitor key levels closely. Stops have been placed at break-even, ensuring risk-free positions for prudent investors.
Outlook for Bitcoin
Bitcoin’s trajectory remains dependent on breaking above critical levels. The $96,000 resistance and 200EMA are immediate hurdles for bulls. A sustained break above these zones could trigger an extended rally toward $108,353 or even new highs. However, until these milestones are achieved, caution is warranted.
