Bitcoin price update and forecast:
Bitcoin (BTC/USD) looks poised to cross the $100,000 mark again as current price action aligns with bullish technical indicators on the daily chart. Here's a quick breakdown:
BTCUSD daily chart inside Donchian Channel with RSI
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Donchian Channel Foundation Acting Like a Magnet:
The foundation of the Donchian Channel sits at $100,252which currently works as a price magnet. This behavior is reasonable because the base (the halfway point between the high and the low) often represents an equilibrium where buyers and sellers converge. Markets naturally influence this “sense” before deciding on the next important move, and with the price of Bitcoin constantly climbing, the base is being pulled up. -
RSI Trending Bullish:
The RSI (Relative Strength Index) is at 54 comfortably above the 50-neutral line, indicating a strong bullish trend. In particular, it has been rising for the past three days, indicating the strengthening of buying pressure. Although not overbought yet, the RSI suggests there is further room for upside. -
Momentum and Price Structure:
Recent candles show a series of higher highs, confirming a short-term bullish structure. If the $100,252 level is definitely broken, it could form the basis for a move towards the recent highs near $108,000.
Preview:
- Main Target: A $100,252 break should open the door for higher levels of testing, with $105,000 and $108,000as key areas of protection.
- Support for viewing: Failure to hold above $99,000 could lead to consolidation near $96,000.
Overall, with the RSI rising and the base of the Donchian Channel acting like a magnet, Bitcoin seems well positioned for another push above $100,000. Keep an eye on how price interacts with the fundamental for confirmation of the next directional movement. There are many ways to do technical analysis and this is not a crystal ball so always do your own research and invest or trade bitcoin at your own risk only. A visit ForexLive.com for additional views.
