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The action of bitcoin prices in the last 24 hours has been characterized by intense volatility Because it affected the lower and upper ends of $ 98,380 and $ 103,369, respectively. The technical analysis of the action of the price of bitcoin on the weekly time of candlestick shows that the main cryptocurrency is on the way to a price goal $ 117,000.
An analyst on the tradingView platform has describes a detailed roadmap For Bitcoin’s trip to this price target of $ 117,000, highlighting a series of key price areas and market cycles to monitor.
Momentum and resistance levels on the path of $ 117,000
The analysis of technical trends shows that Bitcoin is negotiated in an ascending canal within a weekly candlestick period since the fourth quarter 2024, the price climbing regularly in the canal. As demonstrated in the graph below, the most The recent 7 -day candlestick is lowerPushing Bitcoin to retest the midline of this ascending channel. This lower movement reflects the temporary sales pressure but aligns with the wider model of corrections in an overall rise.
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A rebound is expected from here, which would send Bitcoin on another movement towards the higher trend line. Interestingly, an evolution towards the upper resistance zone puts the price target around $ 117,000, marking an important step for Bitcoin. However, there is a risk of potential decrease, and the $ 117,000 trip should not be linear.
According to the analyst, Bitcoin can attend a decline in the area between $ 95,000, $ 97,000 and $ 100,000, which could act as a consolidation region before Bitcoin resumes its ascending trajectory. This area coincides with support levels and previous trend lines, further soliding its meaning as a critical domain for accumulation and stability. The harmonic projection tool of Fibonacci also suggests that beach decline between $ 97,000 and $ 95,000 could form a “Healthy configuration” for a sustained rally.
In addition, temporary resistance nearly $ 108,000 could also slow down the rise in Bitcoin. This level is even more notable, given the fact that it is the top of all time current which should be exceeded. The long -term global structure remains optimistic even with potential withdrawal, with higher highs and higher stockings that form on the roadmap at $ 117,000.
Bitcoin market cycles on several deadlines
The analyst also examined Bitcoin market cycles on different deadlines. On the daily graphic, Bitcoin is currently in cycle 2, which the analyst describes as a phase with little purchase momentum. The current entry includes a higher risk and cycle 1 should return for an input point. The weekly deadline also reflects cycle 2 at the top of the graph. This placement often goes to cycle 3, which could cause significant price movement up or down.
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Over a period of two weeks, cycle 1 is present but is also positioned at the top, which is not a good entry point either. However, the deletion of a recent sales signal suggests that the immediate risk of Bitcoin Falling below $ 97,000 has decreased, But is not completely finished.
At the time of writing, Bitcoin is negotiated at $ 102,700 and increased by 4% in the last 24 hours.
Istock star image, tradingView.com graphic
