Bitcoin price is currently above $97,000. Although there was an important FOA C meeting yesterday. The market was expected to be unstable around this meeting. It was expected that the Fed would reduce interest rates. The interest rates remained unchanged. It is expected that the market will be bullish. However, even then, Bitcoin price is currently stuck in resistance. Especially if you review it carefully, you will see that Bitcoin price is supported by the uptrend line within a certain range. This range is supported by the mini uptrend line when it goes from 76K to 96K. It broke this mini uptrend line a few days ago. Although it broke the uptrend line, it got stuck in the resistance within this range. Yesterday, Bitcoin price got a huge green candle and touched the mini uptrend line as a retest.
If you look at Bitcoin price currently, it looks a bit bullish. Because currently the price of Bitcoin is above $97,000. After completing a green candle yesterday, a new green candle has been created today. However, this position can also be evidence of a price correction. This can be the beginning of a price correction. Because remember one thing, market makers make the markets complicated for us. Market makers always work with the opposite sentiment of what we think. Market makers always make fake moves. To be honest, many of us think that the way Bitcoin is currently moving upwards, it can soon cross $100,000 and create a new trough. But one thing is clear here, that is, the MACD indicator is reversed from the top. There is no reaction on the Bitcoin price chart. So you should be a little careful in this position.
I shared an analysis about whether Bitcoin price will go up or down in a post two days ago. Where Bitcoin created two CME gaps. Currently Bitcoin has filled the upper CME gap and now it is the turn to fill it down. So if you want to take a long trade in this position then you should definitely use stop loss. And if you review it better then you will see a big bowl pattern in the RSI indicator. Where Bitcoin price can start touching this pattern again as a support. So we think that even though Bitcoin price is currently close to the target dollar, we may see a price decline. The retest of the uptrend line and indicators show a possible price decline in the Bitcoin price chart. So we should definitely be careful and be patient in this position. Hopefully we will see a bullish movement soon.
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