The path of least resistance remains to the upside given the expansionary fiscal policies and impending rate cuts. A hawkish repricing in interest rates expectations could lead to a short-term pullback, but given that the Fed's reaction function remains to either wait more or cut, the market should continue to climb.
On the 1 hour chart, we can see that the bullish momentum is waning around the key resistance at the $107,000 ish level. The buyers will need a break above the resistance to increase the bullish bets into the $109,000 level next where we have the upper bound of the flag. The sellers, on the other hand, will likely step in around these levels with a defined risk above the resistance to position for a drop back into the lower bound of the flag around the $100,000 level.
We have a minor upward trendline defining the bullish momentum for now and a break to the downside would give the sellers more conviction to pile in for a drop. The dip-buyers though, will still have a minor support around the swing low at $104,750.
This article was written by Giuseppe Dellamotta at www.forexlive.com.Hence then, the article about bitcoin is forming a big bullish flag targeting 125 000 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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