Current price: 111,000
Key point: 109500
Our preferred direction: Buy positions above 109,500 levels with 116,000 as the first target and then 120,000 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 108,500 level, targeting the 102,000 level.
Technical commentary
After Bitcoin and other cryptocurrencies fell sharply last Friday, Bitcoin reached the 102,000 level and then rose again, reaching the 116,000 resistance level.
Bitcoin is currently fluctuating in a sideways movement between the support level of 109,500 and the resistance level of 116,000.
If the price breaks through the 116,000 levels and stabilizes above them, Bitcoin will head back to the 120,000 levels, and if it breaks through them, it will then head to the 126,000 levels.
