Days after It fluctuates around the range of $ 105,000It seems that bitcoin Under the pressure from the bears And profit from merchants. The last 24 hours were distinguished by a bitcoin loss at the price level of $ 105,000, and collided until it flourished in the scope of support at about $ 101,000.

However, the technical analysis of the scheme of the timeline of the daily bitcoin candlesticks shows that this price level is increasingly threatened, and that the formation is currently in its place It can lead to price collapse About $ 96,000.

Bitcoin head and shoulders form a pattern

Titan of Crypto The most prominent thing is The head of the textbooks and the shoulders on the daily chart. This declining style, if completed, means a collapse towards the 96,000 dollar price zone, according to the analyst.

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The preparation is clearly defined by a The peak (head) is around mid -May This is surrounded by one of its highest levels (shoulders) on my side, and all of them sit over the oblique neckline that now works as another line of support. As of now, Bitcoin is traded on this neckline, as it tests its structural safety.

In technical analysis, a clean break often under the neckline accompanied by a strong size stimulates the scalp move to the neck line, expected down. Based on the graph, this decrease directly indicates 96,054 dollars. This exposes Bitcoin to the risk of a decrease of approximately 8 % of the current levels, with little support between them.

Regardless of this composition, the daily RSI in Bitcoin is currently about the 50th reading, a region that often leads to reactions. As such, a decrease below the midfield will confirm this declining shift in momentum.

Close the work of Bitcoin on the landing mode

If Bitcoin collapsed towards $ 96,000, then this will be a sign A Departure This dominated its price just two weeks ago when it recorded the highest new level ever at 111,814 dollars. Since then, however, Bitcoin lost subsequent support levels At 110,000 dollars, 107,000 dollars, and 105,000 dollars, which now places the next area of ​​importance at $ 103,000. If Bitcoin fails to stick to this threshold, the pressure is likely to turn to the level of $ 101,000, which can serve as a final temporary store before a severe decrease.

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Interestingly, the level of the neckline in the reverse head style and the shoulders highlighted by the Titan of Crypto is about $ 103,500. Bitcoin broke out to less than the price level during the past 24 hours, but the bulls have been able to prevent more losses of less than $ 101,700. This has created low levels on the daily time frame.

At the time of writing this report, Bitcoin is traded at $ 103,250, which means that it is due to the neckline resistance test from the bottom. His reaction here will determine whether it finally collapses about 96,000 dollars. if The sellers bear control At this level, it will not only confirm the collapse of the head and shoulders, but may also lead to a short -term surrender across other cryptocurrencies.

Distinctive image from Getty Images, Chart from TradingView.com