Bitcoin’s Mega Rally Has Stalled: What’s Next? What Are the Key Levels?

Cryptocurrency analysis company MakroVision stated in its latest technical analysis report that Bitcoin continues its upward trend. The report stated that the leading cryptocurrency broke the $ 102,000 resistance and then surpassed the first extension target at $ 107,365. According to the analysis, Bitcoin is currently moving towards a new liquidity zone at around $ 112,500. MakroVision states that this rise is technically healthy and has a controlled structure. According to the analysis, the rally that started above $ 102,000 has an impulsive structure, while the pullbacks have been short-lived and limited so far. This shows that the market is still driven by buyers and the upward dynamics continue strongly. Related News: Google Publishes Scientific Paper That Could Change What We Know About Bitcoin: “20 Times Easier to Break Than Previously Thought” The first significant resistance level against Bitcoin stands out as $111,200. This level is notable because it is both a Fibonacci 0.618 extension point and a region of intense liquidity. If this level is broken to the upside, analysts consider $121,100 as the next target. This point is seen as a 1.236 extension target on the larger time frame. On the other hand, some critical support levels that investors should follow in case of a possible pullback were also included in the analysis. While it is stated that $ 107,365 works as support in the short term, the $ 106,455 level stands out as a stronger and strategic support area. It is also stated that as long as it remains above $ 102,000, the general technical structure is not disrupted and the upward momentum continues. *This is not investment advice. Continue Reading: Bitcoin’s Mega Rally Has Stalled: What’s Next? What Are the Key Levels?

Source: BitcoinSistemi