MEXCBTC Price Analysis: Is BTC Preparing For $26,000 Next?
Bitcoin (BTC) price extends the gains for the third straight session. The momentum picked up during the beginning of the week and remained intact as the price tag one-month-old resistance.
- BTC price prints fresh gains on Wednesday amid sustained buying pressure.
- The bullish breakout keeps the upside target intact near $26,000.
- However, a daily candlestick below $22,000 would invalidate the bullish theory.
As of press time, BTC/USD reads at $23,675, up1.69% for the day. The 24-hour trading volume surged 9% at 49,808,152,504 according to CoinMarketCap.
BTC scales higher
On the daily time frame, the BTC looks promising after the recent consolidation breakout. BTC is continuously forming a ‘Drop-base-Drop Structure’ in the medium term resulting in the downside momentum. But now, that structure has been changed. BTC formed a Base-drop-Rally that resulted in the recent breakout of a range after consolidating in the $18,000-$20,000 price zone.
The BTC price is comfortably placed above the 20-day and 50-day EMA. A daily close above $24,000 would next see $26,000 on the horizon.
The MACD trades above the midline with a bullish crossover. The reading suggests the market still can move up.
On the 4-hour chart, BTC is continuously making Higher highs & higher lows. Further, the bullish crossover in 200-day EMA & 20-day EMA is a bullish sign. Earlier, on 8th April 2022, 20-day EMA breaks the 200-day EMA on the lower side, and ever since BTC is falling sharply, but the trend has now changed from bearish to bullish.
On the flip side, a shift in the bearish sentiment would disown any bullish argument. We could see $22,000 on the downside.
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