This is a daily analysis of Coindesk analyst and the approved market technician Omkar Godbole.
Bitcoin
It remains likely to recommend, having lost more than 7% since it reached a record over $ 124,000 on Thursday.
Momentum Haussier fades
The weekly graphic (candlestick format) shows that the continuous decline in the BTC follows the rehearsal bull’s failure to obtain a foot above $ 122,056, the Golden Fibonacci report. He also marked the inability to maintain gains above the significant long-term resistance trend line which connects the heights of the Haussier market of 2017 and 2021.
In addition, the weekly stochastic oscillator rolled from the Surachat area above 80, signaling a potential correction to come.
Daily graphic
On the daily graphic, the last BTC candle broke below the upward trend line extending from the bottom of April, after the Friday exterior bear candle which reported a potential change towards the domination of the seller.
Together, these technical signals indicate an increasing risk of decrease for short -term BTC, with a potential retain of $ 11,982, the point from which the market became higher on August 3. A violation of this level would focus the simple average of 200 days at around $ 100,000.
A potential reversal greater than more than $ 118,600 (High of Sunday) During the coming day, would weaken the bear.
- Resistance: $ 120,000, $ 122,056, $ 124,429.
- Support: $ 111,982, $ 105,295 (The FIB retacement of 31.8% of the April-August rally)$ 100,000.
