Bitcoin (BTC)
Bitcoin twice managed to break daily candles above the resistance level of 111,904 (yesterday and today), but failed to hold above it. The Marlin oscillator also was unable to find the internal reserves to develop an uptrend in positive territory. Visually, it will return to negative territory today.
This means the 111,904 level will be seen as a reversal point, and the price will head toward the nearest target at 107,500—the embedded price channel line. This target is very close to the August–September lows.
On the four-hour chart, the price consolidated below the 111,904 level after a false breakout above it.
This is a sign of further decline. Here, the Marlin oscillator is already in the territory of a downward trend. The next obstacle on the way to 107,500 is the MACD line (109,930). If the price consolidates below this line, Bitcoin bears will be able to build on their success and continue down toward the target zone of 107,500.
