BTC is once again testing the 9k resistance line that it attempted to break not once, not twice but four times in the past! In the previous attempt, it went back down to 6.5k after a failed attempt to breakout. However, the difference between the previous time and this time is that there seems to be more positive news and adoption in the crypto space as of now, and it seems like there are large volume of spikes which shows sign of strength! However, that being said, it can always go the other way as crypto has no rules!
Hence, major price to watch is 9150, if it does break beyond that, its a high possibility BTC has ended its bear market.
In terms of technical analysis, an ascending triangle can be seen and if it does break, it will be a big breakout as the triangle resistance line is the major resistance we have been talking about. Looks like we are on the support of the EMA lines in 1H charts, hence another good sign. RSI seems to be pretty normal, not much indication. I guess we have to wait out to see how it plays!
Hence, major price to watch is 9150, if it does break beyond that, its a high possibility BTC has ended its bear market.
In terms of technical analysis, an ascending triangle can be seen and if it does break, it will be a big breakout as the triangle resistance line is the major resistance we have been talking about. Looks like we are on the support of the EMA lines in 1H charts, hence another good sign. RSI seems to be pretty normal, not much indication. I guess we have to wait out to see how it plays!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.