BTC Short Term Technical Analysis
Bitcoin maintains its short-term ascending channel structure. The price is currently at $106,266. It rose to the $107,171 resistance during the day, but the sell-off ate up from this level. This corresponds to both the channel upper band and the horizontal resistance zone. Unless it breaks, there is a high probability that the rise will remain limited.
The initial support below is in the $104,977 zone. This level also corresponds to the lower band of the channel. If a downward break comes, it is possible for the price to retreat first to the levels of $ 104,400, and then to the levels of $ 102,137. Especially the $102.137 level, the horizontal support where strong reactions have come before. In case of breaking, the area opens up to the December of $ 99,300- $ 98,600.
In the upward scenario, $ 107,171 is the critical threshold. A close above this level could create a strong momentum to the $111.925 level. Since $107,171 is both a technical resistance and a psychological threshold, a volume break is a must. Otherwise, the price may face a repeat sale here.
For the moment, although BTC is trading in the short-term ascending channel, it is worth being cautious because it is rejected in the resistance zone. Upward attempts can continue as long as the channel stays inside. However, closures below $ 104,977 indicate that the technical structure is broken.
