This is a daily analysis of Coindesk analyst and the approved market technician Omkar Godbole.
Bitcoin Violed key support levels as a sign of the lower momentum that suggests a risk of slipping at $ 100,000.
The main cryptocurrency by market value dropped by 6.5% in August, ending the four-month victories sequence as a fund negotiated in exchange for punctuals listed in the United States (ETF) According to the Sosovalue data source of $ 751 million.
The recent price drop has seen Bitcoin break below several levels of key support, including the Ichimoku cloud, and the simple mobile averages of 50 days and 100 days (SMAS). He also pierced crucial horizontal support areas formed by the May 111,965 summit and the December 109,364 summit, according to the daily graph from tradingView.
These breakdowns underline an increasing weakness of the market, confirming a lower change in key momentum indicators such as the Multiple Multiple Guepy average (GMMA) and the MacD histogram.
The short -term exponential mobile average (EMA) GMMA band (Green) crossed the band in the longer term (red)signaling a change in light lower slim. Meanwhile, the weekly MacD histogram fell below zero, indicating a transition from an upward trend to a downward trend.
Together, these signals indicate a sustained probability of sale, which could lead to the price of the simple 200 -day mobile average (SMA) $ 101,366, and possibly $ 100,000.
The negative technical perspectives align with seasonal trends, which show in September historically as a lower month for Bitcoin. Since 2013, the BTC has carried out an average yield of -3.49%, closing lower in eight of the last 12 months of September, according to Coinglass data.
As for the bulls, overcoming the lower summit of $ 113,510 fixed on August 28 is crucial to cancel the lower perspective.
- Support: $ 105,240 (The FIB retacement of 38.2% of the April-August rally)$ 101,366 (200 -day SMA)$ 100,000.
- Resistance: $ 110,756 (The lower end of the Ichimoku cloud)$ 113,510 (the lowest)$ 115,938 (the 50 -day SMA).
