So, Bitcoin is looking a little tired after its wild party at $111,814 on May 22. Since then, it’s like that friend who keeps trying to jump higher but keeps tripping over their own feet. Oops! 😬
In the last few days, Bitcoin has been forming a series of lower highs on the 4-hour chart. According to the so-called “experts” on TradingView, this is a sign that the bullish party might be winding down. I mean, who doesn’t love a good party, but sometimes you just have to call it a night, right?
Resistance: The Uninvited Guest That Just Won’t Leave
The analyst on TradingView pointed out that Bitcoin keeps getting rejected around the $111,000 to $112,000 zone. It’s like trying to get into a club that’s at capacity—sorry, Bitcoin, but you’re not on the list! This constant rejection is making retail buyers a bit skittish, like a cat near a vacuum cleaner. 🐱💨
According to the charts, we’re starting to see a classic double top formation. No, not a new dance move, but a technical pattern that usually means the bulls are packing up their party hats and heading home. If this keeps up, we might be looking at a major market reversal. Grab your popcorn! 🍿
With all this in mind, the analyst has drawn a zigzag path on the 4-hour candlestick chart. It looks like another rejection from the resistance could send Bitcoin tumbling down like a bad reality show contestant. And let’s not forget, support around $105,000 is looking a bit shaky too. Yikes! 😱
Bitcoin’s Next Stop: The $102,000 Support Zone? 🚏
If this zigzag path plays out, Bitcoin could be heading down to the support area between $101,000 and $102,000. This zone was a stronghold between May 14 and May 19, but now it’s looking like a potential pit stop before the next leg up—or down. Who knows? It’s like a game of musical chairs! 🎶
As of now, Bitcoin is trading at $105,272, down 2.5% in the last 24 hours. The $106,800 support level has already waved goodbye, and now all eyes are on holding above $105,000. If it can’t manage that, we might see a dramatic drop to $101,000 this weekend. Buckle up, folks! 🎢
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2025-05-30 17:11