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This article is also available in Spanish.
Bitcoin is Showing signs of fatigue After reaching a new all-time high of $111,814 on May 22nd. Since then, Bitcoin has made several failed attempts beyond this level, which has led to an increase in bear pressure.
Over the past few days, price action has begun to form a series of highs over a four-hour time frame. This is based on technical analysis of the TradingView platform. Bullish momentum could be losing steam.
Resistance is rejected again and there is a double top risk
Analyst Behind the TradingView post It highlighted a clear pattern of rejection near the $111,000-$112,000 zone. I’ve been testing Bitcoin repeatedly since last week, but I couldn’t get through it. This repetitive failure says that bullish momentum is waning quickly, especially as retail buyers are now. I’m a bit hesitant to buy in this zone.
Related Reading: Today’s Crypto Market: See 5 Bullish Catalysts That Bitcoin Prices are Rising
According to chart analysis, current price movements are beginning to resemble classic double-top structures. Bullish control to bearish domination. Given the weakening of follow-throughs for each upward attempt, this setup could be an early signal of a more important market reversal in the coming days.
With this in mind, analysts explain this outlook in a zigzag pass projected onto the time frame chart of a four-hour candle scaffold, predicting that another rejection from the resistance band could trigger a cascading move. Additionally, these multiple rejections will weaken roughly $105,000 in support at the same time, making this level ready to go anytime soon.
Bitcoin could drop to a $102,000 support zone
If this expected Zigzag Path is played, Bitcoin prices could drop in the coming days, heading towards a support area between $101,000 and $102,000. This zone will focus as it served as a strong level of support between May 14th and May 19th. Bitcoin eventually stepped around this level and staged a rebound that pushed it to a record high of $111,900, which it finally reached May 22nd.
Related readings
That’s what the story of Bloomer Market is like It’s still dominant in the long runcurrent price action has turned the market’s short-term tone bearish. This analysis addresses that possibility and allows Bitcoin to revisit $101,000 to $102,000 before another leg goes up.
At the time of writing, Bitcoin has dropped by 2.5% over the past 24 hours, trading at $105,272. Support level of $106,800 It has already given way, and is now focused on over $105,000. If Bitcoin does not exceed $105,000 in upcoming trading sessions, it could lead to a slump in the cascade towards $101,000 over the weekend.
Getty Images Featured Images, Charts on tradingView.com
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