#MarketSentimentToday
Bitcoin is currently holding below a major resistance area on the daily timeframe, specifically between $92,796 and $111,200. This resistance has been in place since mid to end of November and has consistently held against upward movements.
The market is showing clear difficulties in moving through or even into this resistance, which aligns with expectations for a potential struggle to push higher.
In the very short term, there's still a possibility of Bitcoin moving higher to extend a "wave four," but next week is expected to be a crucial decision point for the cryptocurrency
Potential Fifth Wave Down
: The current upward move appears incomplete, suggesting a possible "fifth wave" to the downside, which could take Bitcoin to around $73,400, potentially after one more high.
Micro Support and Resistance for the Weekend :
Micro Resistance: Between $90,976 and $92,047. This area has been respected, indicating downward pressure.
Micro Support: Not explicitly stated as a numerical range, but the general idea is that if Bitcoin makes one more low, it could signify a five-wave decline, increasing the probability that a top in wave four has already occurred.
Sunday Volatility : Volatility is expected to pick up on Sunday. If Bitcoin breaks above the micro resistance (90,976 - 92,047), it could lead to a rally towards $98,400. However, remaining below this resistance increases the risk of a five-wave decline with one more low.
Decision Point Next Week
The market is currently respecting both defined support and resistance areas, and a breakout signal is awaited, with current consolidation scenario indicating that next week will be decisive for Bitcoin's direction.