The price of the main cryptocurrency has been on an upward trend for quite some time. The last major correction reached around $108,500, where buyers appeared. As it turned out, the breakout of the geometry marked in green was false, and the price quickly returned to the 1:1 range and above the average of the last 100 periods. According to the Overbalance method and classic trend analysis, this indicates the possibility of continued growth towards recent highs at $122,000. If the price manages to set a new high, the next target levels are derived from external Fibonacci measurements – these are 127.2% and 161.8%, respectively. It seems that only a sustained decline below $108,500 could change the balance of power on the chart.
Bitcoin D1 interval. Source: xStation5
As for the lower time frame (H4), the price has been moving in an upward channel for some time, exceeding successive horizontal levels. Today, it managed to break above the $116,940 level, which opens the way for further gains. The first resistance may be the upper limit of the aforementioned upward channel, and the next one only at the $122,000 level. However, in the event of a pullback, we consider the lower limit of the 1:1 geometry at $114,642 to be support, which roughly coincides with the lower limit of the channel and falls just above the 100-period moving average.
Bitcoin H4 interval. Source: xStation5
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