The analysis emphasizes the importance of the support level of $97,300 for the price of Bitcoin, along with the formation of hammer candles and other technical indicators, especially from the Ichimoku system. Below are some key points in the analysis:
1. Support Level $97,300 and Hammer Candles:
• The price of Bitcoin is defending the support level of $97,300 for two consecutive trading sessions.
• The formation of hammer candles on the daily chart at this level signals the possibility of a bullish reversal. This is a sign of strong buying pressure from the market as the price drops to the support zone.
2. Ichimoku Cloud Analysis:
• The Kijun-sen (long-term trend line) and Tenkan-sen (short-term trend line) act as resistance and support levels.
• The price touching these components without breaking strongly below indicates a temporary technical balance, but a clear break is needed to confirm the trend.
3. Market Structure and Higher Lows:
• Historical data from October indicates higher lows are forming, suggesting a potential bullish structure.
• The current price action at the level of $97,300 may be a retest of this bullish structure.
4. Confirmation Signals and Risks:
• To confirm the short-term uptrend, the price needs to break above the Kijun-sen and Tenkan-sen lines.
• Otherwise, there is a risk of the price breaking below the support level, threatening the bullish outlook.
Conclusion:
The level of $97,300 is currently an important support threshold for Bitcoin, with technical signals such as hammer candles and Ichimoku indicators suggesting potential bullish reversals. However, breaking the technical thresholds on the indicator lines is necessary to confirm a clear uptrend in the short term. Investors need to closely monitor price action and subsequent signals to make appropriate decisions.
