Published 3 hours ago
BTC Price Prediction: Over the last ten months the bitcoin has shown the formation of a rounding bottom pattern. Under the influence of this pattern, the coin shows an evident change in market trend as the price action turned from a lower high and lower low formation to a higher high and higher low. This early sign of a trend reversal can offer long opportunities to interested traders.
advertisement
Key Points
- A bullish breakout from $29000-28660 resistance has set the BTC price to prolong the bullish rally.
- The 20-day EMA can act as a key support bolstering the ongoing recovery rally.
- The intraday trading volume in Bitcoin is $15.6 Billion, indicating a 36% gain
Source-Tradingview
On April 10th, the Bitcoin price gave a bullish breakout from the local resistance of $29000-28660, offering a stepping stone to lead a further recovery rally. This recent recovery peaked the coin price at $30680 and hit a minor roadblock.
Since last week, the daily chart showing higher price rejection candles near the $30680 mark suggested some profit booking from short-term traders. By the press time, the Bitcoin price traded at $29554 with an intraday loss of 2.94%.
Trending Stories
Also Read: 15 New Cryptocurrencies To Buy In 2023
With sustained selling the coin price may tumble 3% and revisit the breached $29000 mark. This retest phase could offer a buying opportunity if the buyers manage to hold above this flipped support. The post-retest rally would resume the revealing recovery and surge the price 12-13% higher to hit the next significant resistance of $32266
In case, the BTC price plunges below the $28660 support, the resulting bull trap scenario will trigger a longer correction.
Technical Indicator
Moving Average Convergence/Divergence Indicator: a bullish uptick in the MACD(blue) and the signal line(orange_ moving higher above the neutral line reflect a bull trend sentiment
Relative strength index: with a bearish divergence in the daily chart, the daily RSI slope showcasing a downtick increases the possibility of minor retracement.
Bitcoin Price Intraday Levels
- Spot rate: $29585
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $32150 and $35200
- Support levels- $28800 and $26750
Share this article on:
advertisement
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
<!– Close Story–>
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: https://coingape.com/markets/btc-price-prediction-bitcoin-price-could-rally-12-13-if-this-level-holds/
