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BTC’s $100K Support Zone: What to Expect if the Sixth Range Breaks Down
Bitcoin has entered its sixth consolidation range since the $15,500 low, showcasing a recurring pattern of stabilization before breakouts. Key levels to watch include $100K for support and $110K as potential resistance during this sixth range-bound phase.
Historical Patterns Provide Insight
Throughout this cycle, Bitcoin price oscillations have been clearly defined by clear consolidation zones. These ranges vary from 7 to 30 weeks that marked time intervals of relative stabilization after sharp price rise. For instance, ranging from $15,500 low, it was ranging for nine weeks before it finally went upwards. Subsequent ranges were similar in dynamics enabling accumulating positions and checking the patience of traders.
Each range = sideways price action, fakeouts (both sides), then a breakout. We’re now in the 6th range, and that is what makes this scenario so critical as it can be seen that historical data has been consistent in exhibiting similar patterns.
Constant Erratic Movements to Follow
It is crucial for market participants to understand that such periods are normally very erratic with fakeouts both to the upside and downside. However, these types of movements usually follow a breakout as history demonstrates.
A Breakout May Trigger a Steep Upward Surge
Market participants are already focused on whether it’s possible for Bitcoin to sustain its current form and just replicate the pattern. If such a range can stay for a long time, then the possibility is that we may see a steep upward surge that sees Bitcoin hit a new high.
Immediate Support Levels to Watch
The support towards lower levels will likely be found at $100,000 and the $110,000 level may give short-term resistance.
What Happens if This Breaks Down?
Should this range break down below $100K, there is no other option but to watch closely the movement of prices for any signs of a reversal.
Source: cryptonewsland.com
