Watch These Bitcoin Price Levels As Cryptocurrency Soars Above $100,000 | Global News Avenue

Bitcoin (Bitcoin USDBitcoin prices surged above $100,000 for the first time on Wednesday night as investors bet that the incoming Trump administration and Congress would support policies that would benefit the cryptocurrency market.

Wednesday’s rally follows news of President-elect Donald Trump. Named Cryptocurrency Enthusiast Paul Atkins lead Securities and Exchange Commission (SEC). Atkins will replace crypto critic Garry Gensler said he will resign in January.

Bitcoin was recently trading at $103,000, up from around $95,000 before news of the SEC nomination broke. Bitcoin has surged more than 45% since the election, as investors’ expectations for more digital assets have boosted the prices of digital assets. Cryptocurrency Friendly Policies.

Next, let’s take a closer look technical Point out important price levels to watch on the Bitcoin chart.

Pennant pattern breakout

As Bitcoin crosses $100,000, it has broken out of the newly formed pennanta chart pattern that shows continue Traditional cryptocurrencies are currently trending higher.

It is also worth pointing out that 50-day moving average (MA) As early as the end of October, it broke through the 200-day moving average, forming a golden crossa bullish signal supporting the cryptocurrency’s strong upward trend.

Although Relative Strength Index (RSI) Readings above 70 confirm bullish price momentum, the indicator is also flashing overbought levels, increasing opportunities for profit-taking in the near term.

Now let’s use technical analysis to predict the bullish upside price target As Bitcoin enters price discovery phase and several key support level Monitor during descent.

Cautious Bullish Target

As Bitcoin enters the price discovery process, investors can use cautious moves, also known as Measurement principleforecasting potential price targets.

This technique works by counting the pulse higher preceding the pennant and adding that amount to the top trendline of the pattern. In this case, we add $32,430 to $97,500, with a forecast bullish target of $129,930.

Key support levels to monitor

a wave Take profits It is possible to see the price of Bitcoin drop to around $90,500, a level that could find support near the lows of a pennant pattern on the chart and for a brief period merge Mid-November.

Selling below this level could bring the $80,500 area into play. This area is currently below the upward sloping 50-day moving average and is likely to attract buying interest near two bullish closing and opening prices. candlestick last week.

Finally, a more bearish decline could lead to a retest of major support around $70,000, an area investors may seek entry point Near the top trendline of the previous trading range. This level may also find support from the 200-day moving average as the closely watched indicator continues to rise.

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As of the date of this writing, the author did not own any of the securities mentioned.

Correction: This article has been updated with the correct date for Bitcoin to break $100,000.