4 hours ago
Key points:
Bitcoin bulls tin buss goodbye to the full bull marketplace if they suffer $100,000 support, a caller forecast predicts.
BTC terms enactment faces a conflict of RSI signals arsenic bullish and bearish divergences compete.
Some spot an accidental to bargain the dip conscionable supra the $100,000 mark.
Bitcoin (BTC) volition extremity its bull marketplace if it loses $100,000 support, a caller informing says.
In his latest analysis connected X, fashionable trader Roman predicted that if six-figure BTC prices go a happening of the past, the bull rhythm volition too.
Bitcoin bull tally “officially” hinges connected $100,000
Bitcoin has upended marketplace sentiment again with its latest dip, which astatine 1 constituent took BTC/USD down 15% versus all-time highs supra $125,000.
BTC terms targets person adjusted successful step, with Roman among those seeing a retest of levels person to $100,000 and under.
If bulls neglect to clasp that psychologically important country completely, however, the outlook volition beryllium acold worse.
“Definitely looks disfigured arsenic we’ve mislaid our uptrend and 112k support,” helium summarized alongside the regular BTC/USDT chart.
“98-100k is the level to watch. We suffer that and *officially* confirms the bull tally being over.”
BTC/USDT one-day chart. Source: Roman/XRoman added that connected precocious timeframes, Bitcoin is “still showing tons of exhaustion,” referring to erstwhile posts from August and earlier.
These flagged phenomena see debased trading measurement astatine the highs and a bearish divergence connected the comparative spot scale (RSI) indicator.
As Cointelegraph reported this week, four-hour timeframes are opening to amusement a caller bullish divergence connected RSI — often an beforehand announcement of an uptrend returning.
Data from Cointelegraph Markets Pro and TradingView confirmed the bullish divergence inactive playing retired astatine the clip of penning Sunday.
RSI bullish divergences springiness traders hope
Some marketplace participants remained hopeful for a broader crypto marketplace rebound based connected the existent structure.
Related: Will Bitcoin terms driblet successful September?
“If this level holds, a caller ATH successful the adjacent 4–6 weeks is connected the table,” chap trader ZYN told X followers successful portion of a station showing a play RSI bullish divergence.
“That’s not hope. That’s structure.”
BTC/USDC one-week illustration with RSI data. Source: ZYN/X Others eyed astir $100,000 arsenic an perfect introduction portion alternatively than a cue to chopped exposure.
“It's rather wide that we're, successful the abbreviated term, not successful an uptrend connected Bitcoin,” crypto trader, expert and entrepreneur Michaël van de Poppe acknowledged connected the day.
“I'm targeting the country astir $102-104K for support. I inactive deliberation that this is the champion play to accumulate your positions on.”
BTC/USDT one-day illustration with volume, RSI data. Source: Michaël van de Poppe/XBTC/USD was down astir 6.5% for August astatine the clip of penning — inactive faring amended than the erstwhile 4 years, information from CoinGlass showed.
BTC/USD monthly returns (screenshot). Source: CoinGlassThis nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.
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