This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Bitcoin’s
Bull Run has stopped with new technical signals pointing to a possible award.
The leading cryptocurrency with market value is traded near $ 108,000 at the time of press, exploring the Bullish Trendline that characterizes the sharp increase from $ 75,000 to detect heights above $ 110,000, TradingView data shows.
There has been some bullish action in the last 24 hours despite reports that Trump Family Media Company is planning to raise $ 3B billion to buy cryptocurrencies like Bitcoin.
An important momentum indicator called the 30-day change rate (ROC) that measures the percentage increase or decrease in Bitcoin’s price over the past month has prepared a “Bearish divergence.”
The bearish pattern happens when an asset price rises, but momentum indicators such as the 30-day change rate (ROC) do not confirm the same, suggests potential weakness and price correction.
Although Bitcoin remains within a bullish upward channel, the 30-day ROC forms lower heights, signaling a bearish divergence and weakened momentum.
In addition, the daily chart -smoking average convergence divergence (MACD) histogram, an indicator that is widely used to measure trend strength and changes have turned negatively, indicating a bearish shift in momentum.
All of this means BTC could dive out of the bullish rising channel and potentially revise the most important psychological resistance-facing-supporting to $ 100,000.
The wider prospects remain constructive, in accordance with the recent golden cross of the 50- and 200-day simple movement average (SMAs).
