Bitcoin (BTC), the largest cryptocurrency in the market, made a
fake attempt to breach the $27,500 barrier on Tuesday. Since then,
it has been trading sideways, moving within a narrow
channel.
The 50-day Moving Average, which is the nearest resistance, is
at $27,200. Meanwhile, the strongest support is at the 200-day MA,
placed at $25,200.
For Bitcoin to initiate a fully formed bull run in the market,
it is essential to hold this support level, if BTC bulls expect
another attempt to breach the $30,000 mark and propel the market in
full force, the $25,200 support level is crucial, and it needs to
be held to achieve this goal.
XRP And LTC Poised For Breakouts As Bitcoin Eyes $28,000
The lower timeframe picture for Bitcoin is straightforward,
according to
cryptocurrency analyst Michael Van de Poppe. He believes that for
BTC to continue its upward trend, it needs to break through the
$26,800 level. If that level is breached and flipped, Van de Poppe
predicts that $27,500 is a likely next target, with the possibility
of further breakouts on XRP and Litecoin (LTC).
Van de Poppes analysis is based on technical indicators and
market trends. He highlights the significance of the $26,800 level
as a key resistance level that must be overcome for BTC to gain
momentum. The cryptocurrency has been trading in a narrow range,
and a breakout could signal a shift in market sentiment.
Van de Poppes predictions align with the overall bullish
sentiment in the cryptocurrency market, with many analysts
expecting BTC to continue its upward trajectory. However, there are
also concerns about potential price corrections and volatility,
which could impact short-term market movements.
BTC In Period of Stability, Revisiting 200-Week MA Despite Downside
Volatility
According to
cryptocurrency analyst Rekt Capital, BTC is currently in a period
of stability. If this stability continues, BTC could revisit the
$27,600 level and potentially break out. However, BTC is still
retesting the 200-week Moving Average despite downside volatility
below it during the week.
Furthermore, BTC is currently trading below a series of Lower
Highs, which is represented by the blue line in the chart. To move
higher, BTC needs to invalidate this series of Lower Highs.
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