Bitcoin to rally if THIS condition is met, per analyst
The post Bitcoin to rally if THIS condition is met, per analyst appeared on BitcoinEthereumNews.com.
Bitcoin has declined by 5.41% over the past week. Market fundamentals suggest a potential upside if Bitcoin closes above 21-week EMA. After defying expectations in September, Bitcoin [BTC] has had a difficult start in October, a month that’s usually associated with an upswing. As such, over the past week, BTC has experienced a sharp decline. In fact, as of this writing, Bitcoin was trading at $61980. This marked a 5.41% decline on weekly charts, with the extension of the bearish trend by 0.34% on daily charts. Prior to this decline, BTC had been on an upward trajectory, hiking by 9.87% on monthly charts. The current market conditions raise questions about whether BTC will continue with an uptrend, especially following the recent downtrend. Inasmuch, popular crypto analyst Rekt Capital has suggested a potential rally, citing a 21-week bull market EMA. What market sentiment suggests In his analysis, RektCapital posited that 21-week EMA has been successfully retested as support. Source: X As BTC holds above this level, it confirms that the market sentiment remains bullish. This indicates that buyers are entering the market and price action is favoring the upside. According to this analysis, BTC has broken above a downtrend line that has acted as resistance for months. Such a move is a bullish signal, as it suggests the end of the downtrend and a potential shift in momentum. Therefore, a strong close above the 21-week EMA and confirmed breakout from the multi-month downtrend would signal further upward momentum, especially after a bullish weekly close above $62k-$63k. What Bitcoin’s charts suggest Undoubtedly, the analysis provided by RektCapital offered a promising outlook for BTC. Therefore, it’s essential to determine what other market indicators say. Source: Santiment The first indicator to consider is Bitcoin’s MVRV long/short difference, which has shifted from downtrend to uptrend.…
Filed under: News - @ October 6, 2024 5:12 pm