BTC Price Stuck before Bears during the Coming RetestJudy Rubio
The crypto volumes and its volatility are slowing down after the halving event. However, experts cannot predict which direction the break will move. Whichever course they take, it will stimulate new cycles in the market.
The crypto price has been under the frame of ten thousand USD. The past halving wasn’t generous enough for the community, though. Most users expected a continuous fall in the crypto price after the event.
What are the markets’ hopes and expectations? What happens, if the price breaks and moves upside?
The statistics have has been staying in a relatively wide range. These figures have shown since the beginning of this month. It has no clear direction and that’s quite unexpected now that the third great event is over.
Many hoped for price rallies to continue. A week ago, the price fell and the charts showed a two-thousand-USD crash. Users wished for further fall, but what happened next surprised with its opposite move and that was what nobody had expected. The figures reached a resistance of ten thousand USD. The charts also show another important factor – an open gap that will soon be filled. The halving tension has decreased because altcoins ar likely to have gained strength. Finally, the currency’s price pulled back.
Breaks in Resistance Lead to Upward Moves
The four-hour timeframe shows a clear structure. There we see that the volume has fallen lately and the current decline illustrates its weakness. The capitalization seems strong. The mentioned indicators are essential and demonstrate the averages serving as a supporting factor. Moreover, the support that it had about two years ago is there again and it reminds of the barrier that BTC had when it reached six thousand USD. The chart also demonstrates a rise in volume. This increase proves the accumulation and strength of the current rally.
Scenarios and Potential Trends
The scenario we see in the charts is bullish. If the BTC’s price stays over 9,300 USD, analysts expect an upward move. Frequent price tests of between 10,000 USD and 10,300 USD mean weaker resistance. A breakout of over 10,300 USD will lead to even 11,500 USD. This level seems to have an open gap for the past ten months. Whenever prices break to the upside, we will witness a further move towards that direction.
Analysts have also discussed the bearish prognosis. The declining volume follows the price during the rising wedge, which stays below the area of resistance. According to the recent charts, traders should be cautious since the recent halving may bring sideways action. There is an open gap, and if the currency’s price loses its existing level, the crypto will find support at between 8,200 USD and 8,500 USD.
The diagrams prove that BTC’s price is likely to have a bullish outlook. Hopefully, a bearish move may be quite positive for the market if we consider it short term. When the price loses its current MAs, the market will experience some trouble – more corrections might be necessary in this case.
The cryptocurrency’s performance has been very good since the end of the previous month. The market cannot expect the trend to continue moving up without any sideway action. Experts believe that if BTC can reach a close on the weekly or daily over 10,500 USD, that would be a bullish move. We can always expect a downside move. When this occurs in the following week, it would indicate a failure on the weekly and daily as well. The illustrated support decreases each week. Those who are mainly bullish on the crypto do not hope for a breakthrough of ten thousand USD lasting for a longer period. If the weekly MACD has a bullish outlook, users shouldn’t be too worried about this move in the medium term.
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