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The recent escalation in tensions between Israel and Iran A new wave of anxiety added In global markets, which caused investors a more cautious attitude towards investment. At the same time, the artistic chart of Bitcoin sends mixed signals that can lead to the outbreak of either direction.
After a failed attempt to recover 110,000 dollars earlier this week, the price was Limit now below The moving average for 21 days, but it is still higher than support on a 50 -day moving average. This convergence in moving averages, along with clearly defined trend line, has brought bitcoin to the structure of tightening price of a descending triangle style.
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Clear triangle with tightening scope and dumping pressure
According to X, Bitcoin It creates a descending triangle style On the diagrams of the daily candles. Interestingly, the rules of technical analysis states that the preparation of the descending triangle style is usually associated with the decomposition of the declining. The picture of the pulpit’s graph shows a repeated rejection of the climbing trend line that started when Bitcoin reached the highest new level ever at $ 111,814 on May 22. The second rejection was less than $ 110,000 earlier this week. On the other hand, the triangle base remained fixed with a support area of about $ 102,000.
The analyst pointed out that the 21 -day moving average (21MA), which is shown in blue, exerts the declining pressure, and is the resistance, while the moving average for 50 days (50ma), in green, works as a temporary support floor. With the continued narrowing of the price movement in this triangle step, the market is to drop for a decisive action in any direction.
Whether it may be broken over resistance or fall through support, it is likely to dictate the next main direction. However, if the descending triangle pattern continues to play with its highest levels and fixed support, the penetration will tend more towards a negative breakdown.
Israel’s tensions, Iran, may drive collapse or collapse
the Continuous tensions between Israel and Iran can Be the spark that forces bitcoin out of its current range. It is worth noting that a wave of candidates struck the encryption market on Friday, as reports of an Israeli air strike in Iran, which issued news.
During geopolitical instability like this, Bitcoin is often traded in an unpredictable way. there Two potential results To lead the cryptocurrency from here. It can serve as a haven, or can be sold for liquidity. If fear continues in traditional markets in the increase, Bitcoin can be broken below Support of $ 102,000 in upcoming trading sessions, which confirms the effects of triangular decline.
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However, if the upscale momentum returns, a break on the descending trend line can nullify the declining style and open the door to re -test the high region of $ 110,800. At the time of this report, Bitcoin is traded at $ 104,990.
Distinctive image from Shutterstock, the tradingView graph
