- Bitcoin nears critical resistance, with traders eyeing short opportunities if the price faces rejection.
- Bullish signals, including a MACD crossover and swing failure patterns, suggest a potential upside toward $109,688.
- The “Golden Line” moving average remains a key support, with a break below it potentially triggering a sharper decline.
Bitcoin’s price is nearing a crucial resistance zone, sparking increased interest in short trades. According to Doctor Profit, Bitcoin is approaching a short area identified two days ago. The market’s reaction near this level will likely determine Bitcoin’s next major move.
Moreover, Doctor Profit emphasizes the importance of the “Golden Line” moving average. This technical indicator has consistently provided strong support, allowing Bitcoin to rebound several times. Currently, the price is hovering near a marked short entry point. If the price faces rejection at this resistance, a downward move toward the $72,500 support zone could follow.
Additionally, a downward trendline connecting previous highs acts as a barrier. If the price fails to break above this trendline, further downside movement may occur. Doctor Profit suggests that the market could soon experience a pullback if the projected path holds.
Bullish Signals Emerge Amidst Short Opportunities
Conversely, TheoTrader presents a more bullish outlook on Bitcoin. He suggests that a daily buy signal is gaining momentum, hinting at potential upward movement. Bitcoin recently bounced from the $77,500 support level, sparking renewed optimism. The price currently hovers near $87,300, suggesting that bullish sentiment is building.
Furthermore, swing failure patterns (SFPs) indicate liquidity grabs before price reversals. These patterns suggest the market is absorbing sell pressure while preparing for further gains. The MACD indicator also shows a bullish crossover, reinforcing the case for higher prices. A key resistance level around $109,688 stands as the next major target. TheoTrader suggests that if bullish momentum persists, Bitcoin could soon challenge this resistance.
