Technical analysis on bitcoin after hitting $100,000

Based on the technical analysis, the situation suggests mixed signals:

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Signs of a Potential Top:

1. Overbought RSI (90.17):

   • An RSI above 70 typically signals overbought conditions, and at 90+, the market is extremely stretched.
   • Historically, such high RSI levels often precede corrections or at least consolidation.

2. Parabolic Price Action:

   • The rapid and steep rise indicates the price is moving in a parabolic trajectory, which is unsustainable in the long term.
   • Parabolic moves often result in sharp corrections when momentum fades.

3. Resistance Levels Approaching:

   • The immediate resistance at 104,088 USDT (recent high) and 106,000 USDT (psychological level) could act as barriers, leading to selling pressure.

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Signs of Continued Pump:

1. Strong Volume:

   • The price rally is backed by significant trading volume, suggesting genuine buying interest rather than weak or speculative moves.

2. Momentum Above EMAs:

   • BTC is comfortably above its EMA(7), EMA(25), and EMA(99), indicating strong bullish momentum across short, medium, and long-term trends.

3. No Clear Reversal Patterns Yet:

   • There are no visible signs of bearish reversal patterns like a double top or bearish divergence on the RSI or price.

4. Market Sentiment:

   • A euphoric phase (FOMO - Fear of Missing Out) in a bull run can push prices higher, even in overbought conditions.

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Conclusion:

• Short-Term Top Likely Near:
  The extreme RSI and parabolic nature of the move suggest BTC is approaching a local top, and a pullback or sideways consolidation is likely in the short term.

• Further Upside Possible with Caution:
  If BTC breaks above 104,000-106,000 USDT with strong volume, it could push toward 110,000 USDT or higher. However, the risk of a sudden correction increases at these levels.

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Key Levels to Watch:

1. Upside:
   • Break above 104,088 USDT → Target 106,000 USDT, then 110,000 USDT.
2. Downside:
   • If BTC loses 94,500 USDT, it could drop to 83,700 USDT (major support).