A bullish breakout from a symmetrical triangle pattern boasts the ongoing recovery in Bitcoin(BTC) prices. The expected retest could offer a good entry opportunity for interested traders with an expected target of 6.50% high at $32000. However, can buyers undermine the potential resistance of 200 EMA?
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Key points:
- The weekly BTC chart shows seven consecutive red candles
- The 20 and 50 EMA reflects a bullish crossover that could assist buyers in sustaining above $30000
- The intraday trading volume in the Bitcoin is $27.3 Billion, indicating a 3.2% gain
Source- BTC/USD chart by Tradingview
The April 6th fallout from the $45000 mark trapped aggressive buyers who entered the breakout rally. As a result, the forced liquidation of these buyers brought additional sell orders to the market and triggered a significant correction for Bitcoin(BTC).
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Moreover, last week’s aggressive selling pressure intensified the ongoing downfall and hit the 2022 new low of $26350. Furthermore, the minor recovery observed in the hourly chart reflected the formation of the symmetrical triangle pattern.
The buyers provide a bullish breakdown from the pattern resistance trendline and the $30000 mark, suggesting a higher possibility of price reclaiming the psychology level.
The sustained buying would drive the coin price 6.50% higher to the $32000 mark. In addition, the traders can expect the recovery rally to continue until the support trendline.
Therefore, the fallout from this dynamic trendline would indicate a continuation of the prevailing trend in BTC.
Technical indicator-
EMA- The ongoing recovery rally has breached the 20, 50, and 100 EMAs, indicating a steady North march. However, the overhead resistance at $30,757 could put considerable supply pressure.
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RSI- The daily-RSI slope shows sustainability above the midline(50), indicating the buyers wrestled control from sellers. Moreover, indicating line rallying higher reflects growth in bullish momentum.
- Resistance level- $30000, and $33000
- Support level- $28000 and $25000
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