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Recent climbing of tensions between Israel and Iran Adding a new wave of anxiety In the global markets, leading investors to adopt a more prudent position for investment. At the same time, the technical table of Bitcoin sends mixed signals which could lead to an escape in both directions.
After a failed attempt to recover $ 110,000 earlier this week, the price has now slipped under the 21-day mobile average, but still above the 50-day mobile average support. This confluence of the mobile averages, associated with resistance to the clearly defined trend line, brought bitcoin to a price structure of tightening a descending triangle pattern.
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Triangle descending with tightening range and down pressure pressure
According to an Crypto analyst on X, Bitcoin Form a descending triangle pattern On the Daily Candlestick chronometer. Interestingly, the technical analysis rules indicate that the configuration of the descending triangle models is generally associated with the lowering breakdowns. The image of the graphic accompanying the post shows the repeated rejection of a downward trend line that started when Bitcoin reached a new summit of $ 111,814 on May 22. The second rejection was a summit less than $ 110,000 earlier this week. On the other hand, the base of the triangle remained constant with a support area around $ 102,000.
The analyst noted that the 21 -day mobile average (21 mA), shown in blue, exerts pressure downwards, acting as resistance, while the 50 -day mobile average (50ma), in green, acts as a temporary support floor. While price action continues to shrink in this movement of the triangle, the market is on projection for a decisive movement in all directions.
Whether it breaks above the resistance or support probably dictates the next major trend. However, if the descending triangle model continues to play with lower ups and constant support, the break will be more leaning towards a downward escape.
Israel-Iran tensions can push a rupture or rupture
THE The current tensions between Israel and Iran could Be the spark that requires bitcoin outside its current range. Friday, a wave of liquidations struck the cryptography market while the reports of an Israeli air strike on Iran made the headlines.
During periods of geopolitical instability like this, Bitcoin is often negotiated unpredictably. There is Two possible results For the main cryptocurrency here. It could act as a paradise, or it could be sold for liquidity. If fear on traditional markets continues to increase, Bitcoin could break below The support of $ 102,000 in upcoming negotiation sessions, confirming the downstream implications of the descending triangle.
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However, if the bullish momentum returns, a break over the downward trend line could invalidate the downwater pattern and open the door to a remedy of the region of $ 110,800 of all time. When writing the editorial’s moment, Bitcoin is negotiated at $ 104,990.
Shutterstock star image, tradingview graphic
