As Bitcoin aims to climb above $110,000, which is acting as a major resistance level, some analysts believe that its price rally has just started and are forecasting new highs for Bitcoin in the near term.
In the previous trading sessions, Bitcoin’s strong bullish momentum pushed its price to its new all-time high of $111,814 before it corrected to its present trading range.
Currently, Bitcoin and other major coins have been trading in green for the last 24 hours. At the time of writing, Bitcoin is trading flat at $109,600 in the past 24 hours. For the present price action, the total market cap of Bitcoin reached $2.17 trillion, with a 24-hour trading volume of $31.77 billion.
In this overview, we will analyse the key technical levels and trend directions for Bitcoin to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
After a strong bullish momentum, Bitcoin is in a phase of correcting and presently trading sideways. Currently, Bitcoin is trading around $109,600 with a first level of support at $108,495. If the price manages to break this level, we can see a downfall to the next support at $107,686, and a decline in price below this level will push the price to fall to the price level at $106,565.
On the upside, we can see in the chart that the first level of resistance is at $109,925, followed by the next resistance at $110,430, and $111,978. If the price manages to break above the first level of resistance this level we can see an upside movement to the next level of resistance in the next trading sessions.
In Closing
Currently, Bitcoin has corrected from its all-time high and is experiencing a sideways movement.
If the price successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels are not breached, the market may shift into a bearish trading session.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
