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Following a three-day upward correction, Bitcoin failed to reach the target resistance at 111,904—likely due to the increase in strength of this level provided by the daily MACD indicator line.
Today began with a confident decline. The Marlin oscillator, remaining in negative territory, has turned downward. This likely marks the beginning of a new bearish phase, with the nearest target at 102,698. A consolidation below this level would further extend the decline toward the second target at 98,124.
On the four-hour chart, the MACD line prevented the price from fulfilling the target level. Now, the price is attempting to move further away from it to the downside. The Marlin oscillator is aggressively approaching the boundary with bearish territory. The target at 102,698 is open.
If, however, the price consolidates above the 111,904 level, it would activate an alternative scenario with potential growth into the target range of 115,679–117,418.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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