Bitcoin has defined a major support area after all time of its rent, which rapidly enhances the structure. As long as it holds the level, there is a possibility of a continuity towards high value search.
Summary
- Bitcoin
- Volume and structure support the capacity for a rapid continuity towards $ 123,230
- Loss of this level will invalve the thesis and target $ 98,200 range support
After setting a new all-time high at $ 123,230, Bitcoin (BTC) has made a healthy improvement and is now trading over a decisive support area around $ 111,800. This level is first in the form of range-high resistance and is now confirmed as support. It aligns with several technical conferences, making it an important area for the price before another possible legier.
Major technical points
- Important support at $ 111,800: The pre-range-high resistance is now acting as support with the string technical conference.
- Conflict Area: Aligned with points of control, value area high, VWAP, and 0.618 fibonacci retracement.
- Confirmation of volume: The increase in the volume above the support suggests active demand and powerful reversal.
From a structural perspective, bitcoin is made up in a clear upheaval, and this is tested for the latest corrective obes, but rapid formation has not been broke. The value is now back into a high-product area for continuity, the point of control, the value area high, vwap, and 0.618 is supported by the Fibonacci Retress. It gives $ 111,800 level strong credibility as a base for the next.
Price action has respected this support Closeli, with a clear response and bounce from the level, showing that the demand exists. It establishes a landscape where a high low is being confirmed, recently moving the case forward to advance all the highest-high.
The volume profile is also beginning to confirm the case of speed. There is an visible increase in the volume because above the price above the price, suggesting that buying interest is coming back. If this volume remains, it will validate the Commond and increase the possibility of a breakout upwards.
The next target is $ 123,230 all-time high. If it breaks, the price may quickly find out the exit of fibonacci with a resistance level between $ 130,000 and $ 135,000 in search of new prime. However, if the level of $ 111,800 fails and the price profit acceptance returns to the previous range, then the structure changes before the next important support target and $ 98,200.
What is expected in the upcoming price action
The rapid structure of bitcoin remains for a long time as $ 111,800 hold. A continuity above this level, with increasing volume, can trigger a Rali at a high level of new time. Holding the failure will invaluate the setum and lead the prejudice to deep retracement.
