Bitcoin prices rallied recently, climbing above $42,000 today. After this latest increase, what key levels of support and resistance will the cryptocurrency face next? Several analysts weigh in.
“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” it added.that he was looking forward to collaborating with other members of the federal government.After the world’s most prominent digital currency pushed higher, several market experts shed some light on what technical traders should look for next.
“Momentum characteristics remain neutral with the RSI right around the 50 level. If Bitcoin continues to push higher, look for the RSI to break above 60 which would signal an influx of positive price momentum,” he added. “On a technical level the price of Bitcoin is forming an ascending triangle on the daily chart which is a bullish pattern typically breaking to the upside. However we do have some obstacles in the way,” said Armstrong.
“If price breaks out of the ascending triangle to the downside the current target would be in the low 20k range which is near the previous cycles all time high,” he noted. “Additionally, $40,000 seems to continue demonstrating itself as a key level of support in Bitcoin price after the rally we’ve seen in the last 24 hours,” added Iadeluca., also chimed in, identifying some additional price levels.“Each of these are areas of strong support and resistance on higher time frames.”, spoke to bitcoin’s recent rally, as well as the key resistance it quickly hit.
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