Bitcoin pricing analysis: will there be a breakthrough?
Over the past 24 hours, the market has recovered slightly, the total market capitalization of digital assets has grown significantly from $ 123 billion to $ 125 billion. However, the same recovery is not observed for Bitcoin and other top cryptocurrencies. In fact, at the moment Bitcoin is trading in red with a decrease of 3.39% in the last 24 hours.
Since yesterday, the price of Bitcoin continued to move away from resistance at $ 4,000, reaching a level of $ 3,734. Unfortunately, buyers did not have enough momentum to maintain growth above $ 4,000.
BTC / USD is trading at $ 3,868 with an initial resistance reducing profit at 61.8% Fib from a previous high of $ 4,000. The second resistance is simple moving averages: 50 SMA limits movement up to $ 3,816, and 100 SMA – $ 3,994 (1-hour range).
The expected break of the triangle will put the Bitcoin price on the road to recovery above $ 4,000. Bitcoin must return a position above $ 4,400 to get out of the resistance range. Medium-term resistance at $ 5,000 is in sight, although recovery to this level will be challenging for buyers.
A glance at the diagram shows that the path of movement without many obstacles is lateral. MACD stays on the middle line (0,0). If buyers can protect the support of the triangle, then it is quite possible to restore the price to 4,000 US dollars.
And what do you think about this?