Bitcoin (BTC) prices are continuing to rebound following a bullish breakout from a symmetrical triangle formation. With an estimated objective of 6.50 percent high at $32000, the predicted retest should provide a solid entry opportunity for interested traders. Can buyers, on the other hand, overcome the 200 EMA’s probable resistance?
The $45000 mark’s fallout on April 6th ensnared ambitious purchasers who had entered the breakout surge. As a result of the forced liquidation of these purchases, the market saw an influx of sell orders and Bitcoin saw a severe correction (BTC).
Furthermore, last week’s severe selling pressure accelerated the current decline, resulting in a new low of $26350 for 2022. In addition, the hourly chart’s slight rebound represented the construction of the symmetrical triangular pattern.
The buyers produce a bullish break from the pattern resistance trendline and the $30000 mark, implying a greater chance of price regaining the psychological level.
The coin’s price would rise 6.50 percent to $32000 if the buying continued. Traders can also expect the rebound rally to continue until the support trendline is reached.
As a result, the fallout from this dynamic trendline would suggest that the current trend in BTC will continue.
The current rebound rally has broken through the 20, 50, and 100 EMAs, signaling a continuous northward march. However, the $30,757 overhead resistance might put significant supply pressure on the market.
The daily RSI slope remains above the midline (50), suggesting that buyers have taken control from sellers. Furthermore, a rising suggesting line suggests an increase in bullish momentum.