Bitcoin reaches a new high, is $100,000 just around the corner? 🚀
Everyone, on November 20, Bitcoin successfully broke through its historical high, reigniting the market's enthusiasm! This wave of increase may open the door to the next strong upward trend, and the bulls are completely in control of the situation; we are just waiting for it to continue climbing! The current pattern still favors the bulls, with a target directly pointing at $100,000💎
Technical Analysis:
- Support Level: The current key support level is near the ascending trend line, and both the Fibonacci 1.618 retracement level (approximately $93,251) and the 20-day moving average (approximately $85,235) provide strong support.
- Resistance Level: The $100,000 mark will be the first challenge for the bulls; if broken, the target may quickly aim for $127,684!
- Momentum Indicator: The RSI has entered the overbought zone, indicating that buying pressure remains strong. Although the bears may attempt to counterattack at the $100,000 mark, from the current momentum, the bulls still dominate the situation.
Short-Term Risk Attention⚠️:
1. Break of the ascending trend line: If the price falls below and closes under the ascending trend line, it may lead to short-term profit-taking, causing some adjustments.
2. Loss of the 20-day moving average: Once the price falls below the 20-day moving average, it may trigger a round of short-term adjustments, leading to a weakening market.
Overall, although market sentiment is high, it is still necessary to pay attention to short-term adjustment risks, especially the changes in key support and resistance levels.
