10h05 ▪
3
min read ▪ by
Bitcoin reaches $99,562, breaks a key resistance level, and is heading straight towards $100,000! However, what surprise awaits BTC? An increase to $120,000 or an imminent correction to $92,000? Let’s explore the trends and technical outlook together.
Bitcoin: A Crucial Resistance Level
The resistance at $98,309 played a crucial role in the current trajectory of Bitcoin. On the hourly chart, the BTC was testing this level after bouncing from $97,277, with bullish candles indicating positive momentum. Additionally, Bitcoin was showing a consistent pattern of higher lows, reinforcing a short-term bullish sentiment. A significant resistance at $98,951 was preventing attempts to break above, and sustained movement above this level would propel the price towards $100,000.
However, the reduced trading volume and technical indicators reflected a largely neutral position. Indeed, the relative strength index (RSI) was at 55, the stochastic oscillator at 81, and the commodity channel index (CCI) at 34. Likewise, the average directional index (ADX), at 20, suggested no prevailing trend direction for Bitcoin.
On the Way to $120,000 or Imminent Correction?
Ultimately, by reaching the $99,562 mark, Bitcoin has broken through these resistance levels and is heading towards $100,000, with an ambitious goal of reaching $120,000 by January 2025. Investors are closely monitoring this climb, wondering if a new bullish phase is underway or if a correction is in the works.
At $99,562, neutral indicators and various indices could resurface, prompting Bitcoin towards a correction. The RSI at 55 and ADX at 20 indicate possible consolidation. Furthermore, if trading volumes remain low, a correction towards the previous support levels, between $95,000 and $92,000, could occur.
In summary, Bitcoin is not out of the woods yet. Although it has broken the resistance of $98,951, and its current trajectory towards $100,000, neutral indicators and low trading volumes could hasten a correction towards $95,000 to $92,000. Therefore, investors should remain extremely cautious during this period.
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Le monde évolue et l’adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m’intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l’optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
