https://www.gate.com/profile/Cg4cFgwBHlJcUQYVHAQEL1deUV8LTxcKBAO0O0OO0O0O?ref=VLVDAVPEUW&ref_type=105Technical analysis for Bitcoin (BTC):

Current status and general trend:
* Current price: The current price of Bitcoin is around 104,559 USD according to TradingView, and it has seen a slight decline in the last 24 hours.
* Market Cap: The market value of Bitcoin is approximately $2.08 trillion.
* Volatility: Bitcoin is estimated to have a volatility of 1.72%, indicating that it is highly volatile.
Basic technical indicators and comments:
The key indicators used in many technical analyses are as follows:
* RSI (Relative Strength Index): According to an analysis on TradingView, the RSI value in the monthly Bitcoin technical chart ( is 70.030. This value generally supports a bullish trend. However, the RSI approaching overbought areas )above 70 (may also indicate a potential correction. In another analysis, it is found that the RSI remains below the 50 level, indicating that buyers are weak. This shows that analyses in different time frames can yield different results.
* MACD ) Moving Average Convergence Divergence (: Once again, the MACD value is given as 16,156,720 in the monthly technical display. This is an indicator that supports the upward trend.
* ADX ) Average Directional Index (: The ADX value is mentioned as 38.100 in the monthly presentation, indicating a strong trend.
* Moving Averages )EMA/MA(:
* In some analyses, the presence of the EMA 50 above the EMA 200 is considered a signal indicating a short-term bullish trend.
* An analyst pointed out that Bitcoin has been trading within an "upward channel" for 6 weeks and has bounced off the MA50 level for 4 hours )blue trend line(. The current bounce has been interpreted as a potential new upward move as long as the MA100 level for 4 hours )green trend line( remains stable.
* Support and resistance levels:
* It was recently announced that the range of $106,800 - $107,300 is a strong support area, and the price has reacted twice at this level.
* In some analyses, it has been indicated that the levels of 100,000 - 102,000 US dollars stand out as a demand zone.
* It has been confirmed that levels of $92,000 - $91,000 are also an important support area. As long as it does not drop below these levels, the target of $97,300 can be maintained.
* The important resistance levels are $96,403 and $104,600 ) as support-resistance (.
* Formations:
* It has been interpreted that bullish formations such as the "cup and handle" pattern can be seen on the charts and that the target level of $130,000 can be reached upon the completion of this formation.
* There are also ambitious expectations that the formation of a bullish triangle has been completed and broken on the monthly timeframe, which could take the price to around $600,000.
* Patterns like "head and shoulders" can also provide important signals on cryptocurrency charts.
Possible scenarios and forecasts:
* Uptrend: Generally, many technical indicators and analysts indicate that the uptrend in Bitcoin is ongoing or may continue. Particularly in long-term charts, upward trends and formations attract attention.)