Bitcoin (BTC) prices are currently hovering near $ 118,000 after recovery of a nominal price in the previous week, resulting in a price of 4.17%. With a new week, a top market analyst with X user name Kilaxbate shares some technical insight on the current bitcoin market structure and also discuss the potential value development.
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In an X post on 9 August, Kilaxbate also gives a weekly analysis report of the movement of bitcoin price for the first week in August, which also shares future projects. In his comments, the market expert noted that Bitcoin started the month at a strong technical rungs, monthly in supporting the monthly open at $ 115,752, a motor traders often interpret as a rapid signal.
However, Kilaxbate suggests that bitcoin historically goes up or down in a new month either up or down, the monthly candle wick in a pattern sometimes refers to traders as a “monthly open mesh”. Therefore, the current setup is closely monitoring the market that monitor the market, which is a constant uptrend or a lively return.
In terms of liquidity, the Crypto analyst has also hosted that the BTC liquidation of the critical 2-week has maintained a mark of $ 120,000. The region has also been aligned with the previous weekly open ($ 119,414), creating a rapid structure to set a high-affair target. Currently, BTC is testing a lower-timing line. Kilaxbate suggests that a confirmed brake over this trendline couch paves the way for a decisive motor, which is careful with the potential hunting that traders are careful that the sofa is low in the lower price before starting.
Two main scanners are now emerging for traders. First, BTC can maintain its rapid structure, continuing to climb towards the path, aligning with the current technical structure, which does not show immediate signs of recession control. Alternatively, bitcoin may fail to break high, to slip back under a high high and $ 115,700. In such a case, the next major support in $ 110,000 marked by $ 112,000 quotes, $ 112,000, by the monthly fair price gap (FVG) at $ 111,955.
Currently, Kilaxbate believes that the landscape seems to be a more such as the market is gaining momentum, and with the absentee clear recession signs, the analysts hope that the BTC is up to high days. However, traders should also expect that the BTC can clearly take a dip at the beginning of the week, especially on Monday or Tuesday, to clearly overlad the long positions.
In rounding, the market expert explains a constant pattern of high and high climbing, which leads the interaned charts wounds leading to the valid shift seneite of the future to a recession option.
Bitcoin price observation
At the time of writing, Bitcoin is trading at $ 117,792 after a 1.11% profit in the last day.
Specially displayed image from pexels, chart from tradingview
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