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Exactly a month has passed since the price of Bitcoins lost the level of USD 90,000, falling to around 77,000 USD in one move. The premiere of the cryptocurrency has not yet returned to the fact that in the last few weeks it has been trying to break out from 82,000 – 87,000 USD.
In this letter, the price of Bitcoins rises at the level of USD 83,000, which reflects only a 1% decrease in the last 24 hours. According to data with Coingecko, the BTC value has barely changed over the past seven days.
Here’s how the price of bitcoins can jump by 15%
A popular cryptographic analyst Ali Martinez started to platform x participation Invigorating Bitcoin price analysis. According to online experts, the market leader seems to be prepared for a 15% movement in the coming days.
This stubborn forecast is based on creating a symmetrical triangle on a four -hour Bitcoin price chart. The symmetrical triangle is a technical pattern of analysis characterized by diagonal of the falling upper trend line (connecting the ranges of the swing) and the diagonal of the lower trend line (along the falls of the swing).
With its price narrowed towards the top of the triangle, it is likely that BTC will violate the upper trend line for a breakthrough. According to Martinez, if the price of Bitcoins successfully disappears from this pattern, investors could see how the most significant cryptocurrencies will register a stubborn 15% transfer to around USD 95,000.
USD 87,000 may be crucial for this BTC movement
Martinez revealed In a separate post, the price of bitcoins may require a high level of resistance to resume his bull. This is based on the creation of the “convergence zone”, which represents the price range in which many levels of technical resistance are found.
This range of coincidence is apparently formed at the daytime of the Bitcoin price chart, it would consist of 50-day and 200-day average movable (mass) and a falling trend line. The 50-day moving average acts as a short-term and medium trend measure as well as a level of active support and resistance.
Similarly, the 200-day is used as a long-term trend indicator, with a break above, recognized as the main stubborn reversal signal. Meanwhile, the price of bitcoins creates lower ups (connected by a decreasing trend line) since reaching the highest level of USD 108,786.
As mentioned earlier, the price of Bitcoins has been in the consolidation range in the last few weeks, and the Bulls have not been able to perform a lasting run up. However, a recent show of strength in the face of the growing macroeconomic uncertainty slightly strengthens the stubborn argument for the flagship cryptocurrency.
In any case, investors may want to pay special attention to USD 87,000, because the convergence of three technical resistance indicators increases the likelihood of price rejection at the level. What’s more, the price of Bitcoins has already tried to break this sign over the past week, before it improved to around USD 82,000.
Recommended photo from Istock, chart from TradingView
