Over the past few days, Bitcoin has been in the stage of solid consolidation that arose after the recent BTC/USD failure of $ 9,200. Despite the downward trend caused by this failure, BTC gained some stability at around $ 9,000 level.
In the short term, it is key to note that Bitcoin has gained remarkable support on the level at $ 8,300, meanwhile its latest attempt at a decisive rebound after the last fall signals that further range trading may be inevitable.
Investors and analysts are likely to soon find out if the markets will soon see a continuation of the recent upward momentum of Bitcoin or a retreat that causes uncertainty about the future price of Bitcoin, however, these two key technical indicators now forecast massive breakout may be inevitable in the coming hours; ASTRAL RSI indicator and Moving Average 5 and 13.
Bitcoin Price Adjusts up for Massive Surge
In the recent 72 hours, Bitcoin has progressed more than 10 percent from a low level of $ 8,300 to an elevated level of $ 9,188. The bullish momentum had the affinity to push the crypto asset past the moving average by 5 and 13 handles on the daily chart, recording a positive inclination. Flipping this key barrier level into support is seen as one of the indicative signals that the BTC is going to enter a significant consolidation established by historical data.
ASTRAL RSI Indicator – This specialized model is formed when an asset’s price records higher highs and the Relative Strength Index (RSI) records lower lows. Nevertheless, this bearish pattern does not indicate an exact sell entry, it points out that the bulls are losing dominance of the price activity.
Besides, daily moving averages of 5 and 13 on the BTC signal that the crypto asset is on the verge of moving into a stable bull market. One critical specialized movement is the moving average 5 and 13, directed upwards, showing the movement of the blue line above the red line, indicating an uptrend, but the signal itself is not sure that the bull will continue to rise.
In this case, the reversal beneath the $ 9,000 level is anticipated to target the short-term support of $ 8,750 level, as well as a merger formed by the moving averages 5 and 13 of $ 8,564. More preliminary support areas include $ 8,500, $ 8,250, and $ 8,000 levels.
Some of the most prominent analysts in the cryptocurrency industry have set out their bullish prospects for Bitcoin. For example, on the opinion of 45-year-old trading veteran Peter Brandt, the first crypto asset may advance to $ 21,400. Brandt opinionated that such a bullish event is feasible on the off-chance that the top zone of the downward parallel channel of the 18-day moving average and the 3-day trailing stop rule can be preserved. However, if these support levels are breached, Brandt anticipates a “further key adjustment” to occur.
Emanating from prior technical analysis, it appears that Bitcoin is going to re-test the support levels that Brandt defined. The force of this resistance can influence whether BTC may continue its uptrend or whether there will be a sharper fall.
Image Credit: Stock Photo Secrets