Bitcoin continues to hover around key support levels, with its current price at $104,781. Let's look into its technical analysis and potential scenarios.
Current Price and Technical Analysis
Bitcoin is currently trading at $104,781, just above the 200-period Exponential Moving Average (EMA) on the 4-hour chart at $104,861. The chart indicates that BTC is consolidating inside a clear descending triangle pattern, with lower highs forming resistance and a flat support zone around $103,343. This setup typically signals a bearish continuation unless a breakout occurs.
Bitcoin Price Prediction
If the Bitcoin price fails to hold above $103,343, a swift drop towards the psychological support at $100,000 could be expected. This level also aligns with the lower bound of the descending triangle and may serve as the final defense before a larger correction. Should $100,000 fail, the next potential support zone lies around $97,000-$95,000, opening up the possibility of retesting April breakout levels. Conversely, a strong bounce from the 200 EMA or a breakout above the upper triangle trendline (~$107,000-$109,000) could invalidate the bearish setup.
Strategies for Traders
For traders, either of the following strategies may be relevant: 1. **Short Setup (Bearish Bias):** - Entry: On breakdown below $103,300 - Target 1: $100,000 - Target 2: $97,000 - Stop-Loss: $105,800 2. **Long Setup (Bullish Scenario):** - Entry: On confirmed breakout above $107,000 with strong volume - Target 1: $109,000 - Target 2: $112,000 - Stop-Loss: $104,000.
The current price situation of Bitcoin indicates the potential for both bearish and bullish scenarios. Key levels to watch remain $103,343 and $100,000.
