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.
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%.
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.
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.
Shiba Inu price has crashed in the past few months, moving from a high of…
XRP price has shown renewed strength in the last 24 hours, recording a modest daily…
SUI price has once again found strength at its ascending support, creating expectations for another…
Chainlink price has attracted fresh attention after recent analyst insights highlighted key technical patterns. The…
Dogecoin price crashed to an important support level as the crypto market pulled back. This…
Ethereum price continues to dominate discussions as analysts highlight repeating cycles that historically triggered strong…