This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
Bitcoin
The broader perspective is constructive, but its short -term perspectives remain gloomy, according to technical analysis.
The leading cryptocurrency by market value has recovered to almost $ 104,000 since its minimum during the night of $ 104.30, together with the positive action in the Capital Futures of the United States.
However, a closer look at the hourly pricing table reveals that the rebound is probably a classic game of breakdown and repetition: the cryptocurrency leaves a head and shoulder pattern on Thursday, which indicates a change of upward trend in the short term, and prices are now checking the breakdown point, called the neckline.
This happens because the first sellers, those who shortened at the time of breakdown, rush to take profits, according to the prospecting of the behavioral analysis theory.
It leads to a rebound that is usually found with a fresh sale in the neckline of those who lost the initial breakdown. These fresh shorts lead to the next lowest leg.
In other words, BTC is not yet out of the forest, and prices could increase by about $ 104,000, extending the setback. The immediate support is $ 100,000, followed by $ 95,500. The latter is reached by subtracting the height of the H&S pattern from the point of decomposition.
On the upper side, a movement is needed above $ 107,000 to invalidate the bearish configuration and the change approach to the registered maximums.
