According to previous expectations of Bitcoin prices, the last height of the currency was exactly as planned. The price of the Bitcoin currency has penetrated the level of resistance to $ 118,000 and maintained the momentum up in the descending butterfly model, at $ 124,600 before entering a relative stability phase.
Until the reporting of the report, Bitcoin is exchanged at $ 123,108, an increase of 0.69% in the last 24 hours, with a market value of 2.45 billions of dollars and a daily negotiation volume greater than $ 65 billion.
This calm is not considered nearly $ 124,000, but rather a strategic break before the next movement towards a potential reflection zone (PRZ) between $ 128,000 and $ 130,000, which is the point that the harmony model should be finished.
According to a four -hour chronological table, the price of Bitcoin continues to move to an emerging channel, confirming the chain of summits and altitude. Each of the average movements is reinforced for 50 days ($ 116,394) and for 100 days ($ 114,948) this upward trend for their presence below the current price. The momentum indicators also show this scenario itself: the RSI index decreased to 66 after having exceeded the level of 75, in reference to a natural correction in the middle of the ascending track before the resumption of management.
Bitcoin’s artistic expectations: the descending butterfly model reaches a decisive point
The expectations of bitcoin prices still have an upward character at present, even if the medium -term models soon show a certain trend in management down. The descending descending style remains highlighted for the first time in the expectations of October 3 in pivot during the current situation, because it indicates that in spite of the power of the short -term momentum, the risk of reflection increases as the price is approaching the PRZ’s upper limit.
The behavior of Japanese candles supports this trend, as the last candle bodies have become smaller with a clear superior allaism, in an indication of the frequency of buyers while testing the level of resistance around $ 124,000. Often, these historical judgments continue to separate or of correction gradually towards the nearest support levels, in this case nearly $ 121,140 or $ 118,500.
However, there is still no indication of exhaustion. Where trends in commercial volume and institutional investments show the continuation of assembly operations, while funding rates remain balanced, which indicates that current height is not pure speculation. And if the price of Bitcoin remains higher at the level of $ 121,000, the next transition to an area of $ 128,000 to 130,000 seems more and more likely.
The road is around $ 160,000
In the event that the price of Bitcoin currency exceeds $ 128,000 decisively, this can be canceled as short -term forecasts of the Harmonian style and opens the way to a wave of height extending over $ 160,000. This type of violation not only shows an artistic force, but also represents clear psychological insurance of the renewal of the rate of institutional participation.
Consequently, the Chicago Commercial Stock Exchange (CME) and the investments received for Stock Exchange (ETF) indicate that professional investors broaden their market participation at an increasing pace, unlike the clear frequency of small investors in previous sessions. With the improvement of the economic environment and the availability of liquidity, the scene seems to be similar to the beginnings of the rising wave of Bitcoin (Bitcoin) during 2020-2021.
For merchants, the most important element remains patience and discipline, and as long as the Bitcoin price remains higher at the level of $ 121,000, the momentum is definitely in the ranks of buyers. As for the penetration of the level of $ 124,600 again, the negotiation activity can be returned to the market and the price is paid to the potential (PRZ) area of reflection.
After that, any confirmed closure will open above the level of $ 130,000, the door to significant growth which could push the price to its next main objective at $ 160,000 in the coming months.
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The Bitcoin-BTC position awaits expectations after reaching its highest levels: the level of $ 128,000 only, the currency separates the growth of missiles approximately $ 160,000 appeared first on Arab Cryptonews.
