Key point:
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The BTC rally above $ 109,000 has invalidated a lower model, preparing the track for bulls to run to a new summit of all time.
Bitcoin (BTC) joined Wednesday and tries to continue its upward trend on Thursday, indicating sustained demand from Bulls. 10x research sought of research, Markus Thielen told Cintelegraph that Bitcoin could increase to $ 116,000, supported by strong entries in the funds negotiated in exchange for Bitcoin, the uncertainty of the United States Federal Reserve and the sharp drop in Bitcoin supply on crypto exchanges.
Could Bitcoin go up and keep above the top of all time, or will the price drop, trap the aggressive bulls? Let’s analyze the graphics to discover it.
Bitcoin price prediction
Bitcoin rebounded on the support of $ 105,000 and ended above the line down on Wednesday. Who invalidated the motif of Bearish descending triangle, which is a positive sign.
The two mobile averages are sloping and the relative force index (RSI) is in the positive territory, indicating an advantage for buyers. The BTC / USDT pair could reach the neckline of the opposite pattern of the head and shoulders, where bears should intervene. If the bulls do not give up much soil in the neck, this increases the probability of a rupture above. The pair can then reach the model of $ 150,000 model.
Sellers will have to quickly pull the price below the medium of moving to prevent the increase. The pair can then fall to $ 105,000 and then $ 100,000.
In relation: Bitcoin Price joined 80% the last time BTC financing rates have shot red
The price broke out above the downward trend line and managed to retest the level of rupture, indicating that the bulls are trying to switch the level in support. The high -end mobile averages and the RSI in the positive area point out that the bulls have the edge.
However, it is unlikely that bears will easily abandon. They will try to fiercely defend the area between $ 110,500 and $ 111,980. If the price decreases in the air area but finds support for mobile averages, it signals a positive feeling. This increases the probability of a break greater than $ 111,980.
The sellers will be back in the driver’s seat if the price drops and drops below the mobile averages.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
