Bitcoin’s Descent: Will It Climb Again? 🚀💰

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Bitcoin’s (BTC) latest rally, that fleeting dream of the masses, failed to scale the heights and now the price meanders back to the local bottom, a weary soul at around $107,000. Is this a sign that the bears, those relentless huskies of the market, have finally tamed the beast, or is this merely the price action’s way of playing hide-and-seek? 🧠

One truth remains: the bulls, those fickle flirts of the financial world, have yet to grace the scene with their presence. True, the $BTC price escaped the descending channel, that cage of despair since 15 August, but the breakout was as weak as a kitten’s meow. Now, the falling price inches closer to the very level it once broke free from. 🧍‍♂️

$BTC breakout rally rolls over

In the 4-hour chart, the $BTC price, like a deflated balloon, stopped short of the higher high at $113,500 and rolled over with the grace of a drunk ballet dancer. How far down this corrective wave will take us? Only the market, that enigmatic jester, knows. 🎭

Fibonacci levels, those cryptic riddles of the trading world, may hold clues. The price battles to hold the 0.382 level, but it seems destined to fail. The 0.618 or 0.786 levels, those favored by the bears, may be the next stop. If the price falls beyond all, the descending channel’s top-$107,000-may serve as a last-ditch support. 🧍‍♀️

The thesis, for now, is that the bottom is near. Yet a dip to $105,000 or even $100,000 could shake out the weak, those who cling to hope like a child to a toy. 🧸

Back to the thesis: expect $BTC to zigzag, laying down new price structures. The Stochastic RSI indicators, those moody teenagers, have a long way to fall. As they do, the weekly Stochastic RSI, that more mature sibling, will continue its descent. 🧒

0.618 Fibonacci still perfect support on the daily

In the daily time frame, the 50 SMA (blue line) turns over, while the 100 SMA (green line) may follow. Further down, the 200 SMA, that steadfast guardian, rises and could offer support if the price dares to fall. 🏔️

The price, having been rejected thrice at the 100 SMA, raises the question: will $BTC descend to the 0.618 Fibonacci level, that golden ratio of despair? 🧮

Resisting the urge to be bearish, the positives are clear: the breakout from the descending channel, the 0.618’s steadfast support, and the Stochastic RSI’s climb. Yet, the market is a capricious lover. 💔

Important support structures in the weekly time frame

In the weekly time frame, the Fibonacci extension levels, those ghosts of past markets, take center stage. The price, like a ghost, returns to earlier levels after rising. If the bears force a drop, it could test the 1.618 at $102,000. 🕯️

The 50-week SMA (blue line), that rising star, may also be retested. A bounce from $102,000 could send $BTC soaring to the 2.618 at $155,000. 🚀

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2025-09-04 12:23