The price of bitcoin is continuing the week-long climb that has propelled it beyond $20,000 for the first time since early November. This rally is expected to continue. The target of $24,000 is within the bulls’ sights, but first, they need to break through the zone of persistent seller congestion at $21,000.
The Price of Bitcoin Is on the Verge Of a Bull Market
In the past two weeks, the price of Bitcoin has rejected predictions of additional downside movement to $13,000 and $9,000, and analysts’ opinions are shifting in favour of a positive, sustainable breakout.
After breaking above the 50-day Exponential Moving Average (EMA), the optimistic picture of the bitcoin price started to emerge. The presence of bulls in the market was resolved after a subsequent break over the 100-day exponential moving average, which cleared the way for a much-needed movement through the falling trend line (dotted).
After reaching a new high for the year of $21,383, the price of bitcoin has since retreated to its previous level of $20,720. The green candle has extended its wick. For Bitcoin to validate a bullish macro view, it must break past the point of resistance at the 200-day exponential moving average (shown in purple).
Altcoin Sherpa (Crypto Analyst)
Altcoin Sherpa, a well-known crypto analyst and trader, recently suggested on Twitter to his more than 188 thousand followers that investors should think about taking profit at the 200-day exponential moving average (EMA) supply zone. “The overall advance appears to be a little overextended, and a pullback is likely on the horizon. I’m still not certain that this marks the bottom of the macro market, but let’s see, “he had written.
As a result, a daily close higher than this level would be essential for the price of Bitcoin as bulls try for another significant advance to $24,000 and then $30,000 after that. If this were not to happen, it would encourage more investors to record profits to purchase Bitcoin at a lower price in the future.
Mags (Crypto Analyst)
Mags, an additional cryptocurrency specialist, stated that the price of bitcoin is getting closer and closer to the mid-range level of $21,500. It is vital to note that the price has completely recovered from the FTX implosion dump that occurred earlier. According to Mags, the “best case scenario” would be for there to be a continuance to $25,000 but no retesting of the $18.7k level.
Captain Faibik (Crypto Analyst)
Captain Faibik calculated to his 44,000 followers that “after 21.3k resistance gets cleared, bull run 2023 will officially start,” in the midst of calls from industry experts for a continuation of the climb north. A purchase signal from the Moving Average Convergence Divergence (MACD) indicator on the same daily time frame chart looks to provide support to the notion that the path that encounters the least amount of opposition will continue to head in a northern manner for the time being.
Traders who want to take more long positions in Bitcoin will need to wait until the resistance posed by the 200-day exponential moving average is removed. In addition, they need to ensure that the MACD continues its upward trend above the mean line and that the colour of its histograms remains green.
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