Bitcoin (BTC) Technical Analysis
Yesterday, Monday the 2nd, Bitcoin's price fell by 1.43%. Although it briefly broke through $98,000, it faced resistance from an ascending parallel channel on the monthly chart, hindering upward momentum, with bottom prices hovering around $94,400. Short-term moving averages provided support, helping to maintain the price at this level.
Bitcoin has been steadily rising and is said to be approaching $100,000. However, it is currently consolidating around $98,000, with a strong resistance line at the monthly level overlapping this. With signs of lower highs forming, it may be necessary to prepare for a potential temporary decline.
On the 4-hour chart, the level around the previous low of $95,000 is expected to provide crucial support.
As for short-term trading strategies, if bulls push the price higher, it is very likely to break through the strong resistance line at the monthly level, potentially reaching $100,000 before the end of the year. Conversely, if bears push the price down to around $92,000, a complete double top (bearish signal) may form on the daily chart. In this case, it suggests the possibility of entering a long-term weekly level adjustment phase, delaying the timeline to reach $100,000.
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