INSUBCONTINENT EXCLUSIVE:
Key point:Bitcoin (BTC) pulled back to $105,250 on Tuesday after failing to cross above the $109,000 mark on Sunday and Monday
charts to determine the crucial support and resistance levels to watch out for.Bitcoin has been sandwiched between the downtrend line and
the moving averages, indicating a possible range expansion in the next few days.BTC/USDT daily chart
Source: Cointelegraph/TradingViewThe upsloping moving averages signal a slight edge to the bulls, but the relative strength index (RSI) near
the midpoint suggests a lack of bullish momentum
If the price slips and sustains below the moving averages, the BTC/USDT pair could slump to $104,500 and below that to $100,000
Such a move retains the pair inside the bearish descending triangle pattern.The bearish setup will be invalidated if the price rebounds off
the moving averages and rises above the downtrend line
That could propel the pair to the neckline of the inverse head-and-shoulders pattern.Related: Bitcoin targets $200K as profit metrics enter
Source: Cointelegraph/TradingViewThe pair has broken below the moving averages, indicating profit-booking by the short-term traders
Buyers are expected to defend the $104,500 level with all their might because if they fail in their endeavor, the pair could sink to the
psychological support at $100,000.The first sign of strength will be a break above the 20-day exponential moving average (EMA)
That clears the path for a rally to the downtrend line, where the bears are expected to step in
If buyers pierce the downtrend line, the pair may challenge the all-time high at $111,980.This article does not contain investment advice or
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
