This is a daily analysis of the Coendesk analyst and rented market technician Omkar Godbole.
Bitcoin
It is still susceptible to a greater inconvenience, since it has lost more than 7% since they reached records greater than $ 124,000 on Thursday.
Alcista impulse fading
The weekly chart (Candle format) It shows that the ongoing decline of BTC continues to the repeated bull failure to ensure a support point above $ 122,056, the golden fibonacci ratio. He also marked the inability to maintain profits above the long -term resistance trend line that connects the maximum of the 2017 and 2021 bullish market.
In addition, the weekly stochastic oscillator has turned from the overcompra zone above 80, indicating a possible correction ahead.
Daily graph
In the daily table, the last BTC candle has broken below the bullish trend line that extends from the minimum of April, after Friday’s bearish candle outside the day that indicated a potential change towards the seller’s domain.
Boards, these technical signals indicate a growing downward risk for BTC in the short term, with a possible new $ 11,982 test, the point from which the market rose on August 3. A violation of this level would change the 200 days of simple mobile average approach to around $ 100,000.
A higher potential reversal to more than $ 118,600 (High on Sunday) During the day ahead, the bear’s case would weaken.
- Endurance: $ 120,000, $ 122,056, $ 124,429.
- Support: $ 111,982, $ 105,295 (31.8% fib setback of the April-August Rally)$ 100,000.
