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A new technical analysis in TrainingView suggests that bitcoin can approach a decisive moment, with a possible breakdown below the key support levels. This analysis is produced in the midst of a weakening purchasing pressure in bitcoin, which opens the possibility of a break below a strong level of support. If this happens, bitcoin I could see below at $ 80,000 or even $ 73,000 in the coming weeks.
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bitcoin faces a critical support test at $ 93,000
The technical analysis shows that bitcoin has been fluctuating between a resistance zone greater than $ 108,000 and a lower support level at $ 93,000. Particularly, the Mmbttrader cryptographic analyst said <a target="_blank" href="https://www.tradingview.com/chart/BTCUSDT/DYsnn6ti-bitcoin-is-Dead-for-upcoming-Weeks-soon-92K-will-break-and-Dump/” target=”_blank”>That this support area It has been tested several times, six times to be exact since the price of bitcoin began operating within this range. It is expected that such multiple reestimations have weakened this support area, since buyers can also surrender very soon.
The most recent test occurred on February 18, when bitcoin recovered at $ 93,900, just above the key level of $ 93,000. However, bitcoin has not yet established a decisive recovery of this area, and there is still the possibility of a complete breakdown. Particularly, the analyst said that the probability of a fall below $ 93,000 has increased with the fading of buyers.
A fast break below $ 93,000 could cause a continuous leave, and opens a decrease to the next level of significant support around $ 72,000, although there is a lower support level at $ 78,900 that could avoid this drastic fall. Interestingly, this bearish scenario is aligned with Previous analysis That pointed out a lack of strong support within a range of $ 12,000 between $ 87,000 and $ 75,000.
bitcoin at a crossroads: breakdown or new maximums?
The technical analysis of Mmbttrader sheds light on the current market structure of bitcoin, which is a <a target="_blank" href="https://bitcoinist.com/bitcoin-within-narrow-range/” target=”_blank” rel=”nofollow”>consolidation phase instead of openly. Although recent developments indicate signs of bearish developments, bitcoin has not yet changed to a completely bassist way.
On the other hand, the current price action only suggests a period of indecision, where Both optimistic and bassist The scenarios are possible. Repeated support of the $ 93,000 support could cause a strong breakdown, but at the same time, a renewed wave of purchase impulse could also cause a rally above $ 100,000.
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The analyst also pointed out a bitcoin scenario Collecting the purchase impulse and catapulting the support level of $ 93,000. If the $ 93,000 support level remains, bitcoin can gain impulse for another rally to a new maximum of all time. In this scenario, the analyst highlighted a demonstration towards a new target area of all time around $ 113,220.
At the time of writing this article, bitcoin is quoted at $ 96,470, 2% less in the last 24 hours. It has also decreased by 11.5% since its historical maximum of $ 108,786.
Outstanding image of Pixabay, TrainingView graphics
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