Key Takeaways

1. Current Bullish Market Signal: Bitcoin has confirmed a bullish indicator on the 4-hour MACD, but short term resistance is present which could affect momentum.
2. Long-Term Bull Market: The weekly chart suggests that Bitcoin remains in a major bull market, likely extending until late 2025, despite possible short-term fluctuations.
3. Resistance Levels: Key resistance is anticipated around $100K to $102K, with a confirmed breakout potentially leading to a price target of $113K.
4. Short-Term Bearish Divergence: A bearish divergence on the 12-hour chart indicates that bullish momentum may weaken temporarily, leading to sideways action or slight pullbacks.

Introduction

Welcome back to the Crypto Ball Channel! This summary covers the latest insights by Josh regarding Bitcoin’s market dynamics. Recent data suggests a mixed picture: although larger trends are bullish, the short-term landscape shows critical resistance levels and a bearish divergence that could lead to sideways trading.

Market Analysis

Long-Term Perspective

• Bitcoin remains firmly within a bull market, which was confirmed approximately two months ago.
• The weekly chart shows strong bullish momentum, reinforced by:
• The superTrend indicator remaining in the green.
• A major Fibonacci extension level suggesting resistance around $100K to $102K.

Resistance and Support Levels

• Significant Points: Level Type $102,000 Major Resistance $100,000 Psychological Resistance $94,000 – $95,000 Short-term Resistance $89,000 Support Level $91,000 – $92,000 Support Area $79,000 Potential Lower Support
• In the short term, Bitcoin has struggled to reclaim the $94K-$95K range, while support is expected around $89K.

Short-Term Dynamics

• The 12-hour bearish divergence suggests potential for lack of bullish momentum over the next few days to weeks:
• Choppy price action is likely, with expectations of sideways consolidation.
• Possible bullish resets in oscillators such as the RSI could prepare Bitcoin for an upward push if support levels hold.

Conclusion

While Bitcoin’s larger trajectory points towards sustained growth in the bull market, traders should be prepared for potential fluctuations in the immediate term. Key resistance must be addressed around the $100K mark; however, support levels provide a buffer against sharp declines. Overall, patience will be key as the market undergoes necessary consolidation before likely resuming its bullish trend. Prepare for potential trading opportunities as price actions unfold, and stay informed through further analysis on evolving market conditions.

In the meantime, consider strategies to trade in both bullish and bearish conditions, and utilize upcoming potential breakout scenarios to maximize profit potential. Stay tuned for the next updates!