Bitcoin’s price movement has placed the crypto at a pivotal point, testing key resistance levels. The market’s current indecision, highlighted by More Crypto Online’s analysis, reveals a potential short squeeze while cautioning traders to stay flexible.
The analysis emphasizes the ongoing struggle between bullish and bearish forces, with Bitcoin’s price action resembling a corrective phase.
Key Resistance and Support Levels
The price of Bitcoin has reportedly reached what More Crypto Online dubbed the “crime scene,” a crucial resistance level around over $59,400. The 0.618 Fibonacci retracement level indicates this region, which acts as a crucial barrier that needs to be broken in order for there to be any chance of an upward trend.
$BTC: The price has arrived at the crime scene. The selling volume on Thursday was high, so a break above the yellow line could trigger a mini short squeeze. I do not necessarily expect an upside breakout on a weekend but the bulls are certainly trying.Regardless, the upside… pic.twitter.com/O5TCOKB8fs
— More Crypto Online (@Morecryptoonl) August 18, 2024
The chart by More Crypto Online based on Elliott Wave research, indicates that Bitcoin is now in a correction period. While there is potential for rising prices, the market is uncertain at present time.
The analysis identifies an important support zone between the 0.618 ($58,749) and 0.786 ($58,119) Fibonacci retracement levels. This area is critical for the bulls because failing to hold this support could lead to more losses, extending the corrective phase.
On the other hand, a break above the $59,471 resistance could trigger a mini short squeeze, pushing prices higher toward the wave (5) targets, potentially exceeding $60k.
Market Sentiment and Volume Analysis
More Crypto Online also points out the high selling volume observed on Thursday. This elevated volume is often a precursor to price movements, either upward or downward, depending on whether the market can hold its support levels.
The market sentiment appears to be divided, with bulls and bears struggling for control. While the bulls are striving to drive prices higher, the broader market structure, as suggested by the corrective wave (4), suggests that the market is not yet entirely committed to an upward breakthrough. As a result, the next several days will be critical in determining Bitcoin’s future.
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A Critical Moment for Bitcoin
Bitcoin’s current position near a key resistance level highlights the market’s uncertainty. As More Crypto Online emphasizes, the market remains in a critical decision zone, with both upside potential and downside risks.
Traders should watch for a break above $59,471 for bullish confirmation or a potential retest of support near $58,749 to assess bearish risks. The flexibility and caution highlighted in the analysis are essential, given the market’s current state of indecision.
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