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Bitcoin price action has been relatively stable in recent days, currently negotiating just above $ 107,000 after briefly touching the previous summits Nearly $ 108,000.
In the middle of this backdrop, a technical analyst of a popular crypto analyst on the tradingView platform describes a Structural configuration forming on the daily graphic of Bitcoin. The analysis shows that Bitcoin’s action is in the compression phase which could precede an escape at $ 115,000 very soon.
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Compression structure forming below $ 108,000 resistance
The action of Bitcoin prices currently follows the movements of traditional risk assets such as the S&P 500 and the Nasdaq, which both recovered after the recent de -escalation of Geopolitical tensions in the Middle East. In this context, the Crypto Rlinda analyst shared a perspective on tradingView which highlights a structural configuration forming on the D1 graph and predicts a break up to $ 115,000 if certain resistance levels are erased.
According to Rlinda, Bitcoin is in the middle of a compression phase just below the resistance level of $ 108,100. This follows what the analyst describes as a false escape greater than $ 100,000, which has led to a brief distribution and now an active accumulation zone. The daily graph shows that pricing is gradually tightening in the range of $ 106,500 to $ 108,100 since June 25, whose analyst has called a break for a break before a possible continuation of growth.
The current configuration has already established well -defined limits, with a support at $ 106,500 and $ 108,100 as immediate resistance. An escape above this immediate resistance would open the way to the next resistance around $ 110,400 and would bring Bitcoin to a striking distance from its top of all time to $ 111,000. On the other hand, a short -term decline in $ 105,650 is still possible before a new upward move.
Bitcoin price levels to monitor
Bitcoin price action is Really by pressing this resistance level around $ 108,000 and is create a momentum for an escape Once the price level is gave way. The key resistance levels to be monitored are stacked around $ 108,100, $ 108,900 and $ 110,400. As long as the structure between $ 106,500 and $ 108,100 holds and the Bitcoin price is sticky near the top of this area, the escape scenario becomes more and more likely.
Although there is currently no reason to decline on the daily and weekly chandelier graphics, the analyst noted that a temporary withdrawal at $ 105,650, or even $ 104,650 cannot be excluded. However, even such a decline would probably not serve again, but would always maintain the wider configuration intact.
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At the time of writing this document, Bitcoin is negotiated at $ 107,457, up 0.5% in the last 24 hours. The escape trigger is still $ 108,100. If it is broken, Bitcoin could easily switch to new heights around $ 115,000.
Felash star image, tradingView graphic