In short
- Bitcoin recorded a new all-time high last week above $ 122,000.
- But since then BTC has difficulty holding that profit and now acting under $ 120k.
- Can bull come up with the soil? Predictions about countless leaning at the moment somewhat bearish on the short -term front views.
Bitcoin is on a historic run and last week puts a new all time above $ 122,000. Can Bitcoin bulls maintain the momentum?
Bitcoin is currently just below $ 120,000, and the question before traders on the countless prediction market is: can Bitcoin hold more than $ 120,000 by the end of the week?
On countless, a prediction market developed by DecryptThe parent company Dastan, traders, are almost equal, but lean somewhat bearish, so that the opportunities are only placed 47% that BTC holds above the psychologically significant price threshold.
Have the price charts agreed? Let’s dive into the technical way:
Bitcoin’s $ 120K price target: Bulls Face Critical Test
Bitcoin is currently being traded at $ 119,765 and is directly on a decreasing trend line that has covered the prices since July 14, of all time. The technical setup presents a classic bending point that can determine whether BTC will close above $ 120,000 by 25 July.
The chances of countless have been turned around several times today, but at the moment prefer the bears.
The Squeeze Momentum Indicator, a metric traders who enjoy technical analysis, often study, shows that Bitcoin goes through a price compressive face on the 4-hour candelae diagrams. This indicator measures when the compression of the volatility is about to unlock in directional movement. In combination with the squeeze status that shows “on”, it is a tendency to precede explosive movements as soon as the phase ends.
At the moment the coin seems to act sideways and has done this more or less in the past week after he has broken all time. It broke past a small resistance that pushed the prices, but it is still too early to call it a bullish breakout. That price of $ 120K has proved to be a high obstacle for Bitcoin to erase.
The average directional index, or ADX, reads 13, which indicates weakening of the previous bullish jump. ADX measures how strong a price trend is, regardless of the direction. ADX measurements below 20 do not suggest a clear trend, while measurements above 25 confirm that a trend has been established. A low reading is generally related to bulls, because price outputs without ADX support above 20 often result in false movements.
The 50-day exponential advancing average (the green ribbon in the graph above) is around $ 116,000 with the 200-day EMA below, so that some traders would interpret as a bullish pattern. When the price in the upper half of this ribbon acts with the 50-day EMA above the 200-day EMA, this indicates the bullish structure in the medium term.
The relative strength index, or RSI, on 59, shows a mild bullish momentum without being overbough. The relative strength index measures the speed and size of price changes. RSI measurements above 70 indicate overbought conditions that often precede pullbacks, while measurements below the 30 -sold levels suggest.
Based on the technical setup, it is more likely that Bitcoin closes the week above $ 120,000, but of course things can always change.
For traders who study graphs, however, the anemic ADX and the falling trade volume on the road up the current risk of rejection, which means that sales pressure can be re -activated around the large, round number.
Most important levels on the immediate period:
- Immediate resistance: $ 120,000 (psychological level and prediction market goal)
- Strong resistance: $ 122,838 (recently of all time high)
- Immediate support: $ 117,500 (Volume Profile Point of Control)
Indemnification
The views and opinions of the author are only for informative purposes and are not financial, investments or other advice.
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