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Bitcoin’s price action has been relatively stable in recent days, currently trading just above $107,000 after briefly touching previous highs near $108,000.Â
Amid this backdrop, technical analysis from a popular crypto analyst on the TradingView platform outlined a compelling structural setup forming on Bitcoin’s daily chart. The analysis shows that Bitcoin’s action is in a compression phase that could precede a breakout to $115,000 very soon.
Related Reading
Compression Structure Forming Below $108,000 Resistance
Bitcoin’s price action is currently following movements in traditional risk assets like the S&P 500 and Nasdaq, both of which have recovered following the recent de-escalation of geopolitical tensions in the Middle East. Against this backdrop, crypto analyst RLinda shared an outlook on TradingView that highlights a structural setup forming on the D1 chart and predicts a breakout to as high as $115,000 if some resistance levels are cleared.Â
According to RLinda, Bitcoin is in the middle of a compression phase just below the $108,100 resistance level. This follows what the analyst describes as a false breakout above $100,000, which led to a brief distribution and now an active accumulation zone. The daily chart shows price action gradually tightening within the $106,500 to $108,100 range since June 25, the essence of which the analyst called a pause for a breather before a possible continuation of growth.Â
The current setup has already established well-defined boundaries, with support at $106,500 and $108,100 as immediate resistance. A breakout above this immediate resistance would pave the way for the next resistance around $110,400 and bring Bitcoin within striking distance of its all-time high at $111,000. On the other hand, a short-term pullback toward $105,650 is still possible before a new move to the upside.
Bitcoin Price Levels To Watch
Bitcoin’s price action is really pressing on this resistance level around $108,000 and is building momentum for a breakout once the price level gives way. The key resistance levels to monitor are stacked around $108,100, $108,900, and $110,400. As long as the structure between $106,500 and $108,100 holds, and Bitcoin’s price is sticky near the top of that zone, the breakout scenario becomes increasingly probable.
Although there are currently no reasons for a decline on the daily and weekly candlestick charts, the analyst noted that a temporary pullback to $105,650 or even $104,650 cannot be ruled out. However, even such a pullback would likely only serve as a retest but still keep the broader setup intact.Â
Related Reading
At the time of writing, Bitcoin is trading at $107,457, up by 0.5% in the past 24 hours. The breakout trigger is still at $108,100. If broken, Bitcoin could easily move to new highs around $115,000.Â
Featured image from Unsplash, chart from TradingView
Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin’s price action has been relatively stable in recent days, currently trading just above $107,000 after briefly touching previous highs near $108,000.Â
Amid this backdrop, technical analysis from a popular crypto analyst on the TradingView platform outlined a compelling structural setup forming on Bitcoin’s daily chart. The analysis shows that Bitcoin’s action is in a compression phase that could precede a breakout to $115,000 very soon.
Related Reading
Compression Structure Forming Below $108,000 Resistance
Bitcoin’s price action is currently following movements in traditional risk assets like the S&P 500 and Nasdaq, both of which have recovered following the recent de-escalation of geopolitical tensions in the Middle East. Against this backdrop, crypto analyst RLinda shared an outlook on TradingView that highlights a structural setup forming on the D1 chart and predicts a breakout to as high as $115,000 if some resistance levels are cleared.Â
According to RLinda, Bitcoin is in the middle of a compression phase just below the $108,100 resistance level. This follows what the analyst describes as a false breakout above $100,000, which led to a brief distribution and now an active accumulation zone. The daily chart shows price action gradually tightening within the $106,500 to $108,100 range since June 25, the essence of which the analyst called a pause for a breather before a possible continuation of growth.Â
The current setup has already established well-defined boundaries, with support at $106,500 and $108,100 as immediate resistance. A breakout above this immediate resistance would pave the way for the next resistance around $110,400 and bring Bitcoin within striking distance of its all-time high at $111,000. On the other hand, a short-term pullback toward $105,650 is still possible before a new move to the upside.
Bitcoin Price Levels To Watch
Bitcoin’s price action is really pressing on this resistance level around $108,000 and is building momentum for a breakout once the price level gives way. The key resistance levels to monitor are stacked around $108,100, $108,900, and $110,400. As long as the structure between $106,500 and $108,100 holds, and Bitcoin’s price is sticky near the top of that zone, the breakout scenario becomes increasingly probable.
Although there are currently no reasons for a decline on the daily and weekly candlestick charts, the analyst noted that a temporary pullback to $105,650 or even $104,650 cannot be ruled out. However, even such a pullback would likely only serve as a retest but still keep the broader setup intact.Â
Related Reading
At the time of writing, Bitcoin is trading at $107,457, up by 0.5% in the past 24 hours. The breakout trigger is still at $108,100. If broken, Bitcoin could easily move to new highs around $115,000.Â
Featured image from Unsplash, chart from TradingView
