“The Cryptocurrency is Likely Targeting the $ 90k- $ 92k Range, WHICH Previously Served as A Strong Support Zone.”, – WRITE: www.coindesk.com
Bitcoin’s (BTC) Recent Range Play Resolved Bullishly Early Monday, Shifting Focus to the $ 90,000- $ 92,000 Range, WHICH WAS PREVIUSLY A STRONG SUPPORT ZONE.
The Leading Cryptocurrency by Market Value Rose Past $ 87,000, Convincingly Breaking Out of A Week-Long Consolidation Between $ 83,000 and $ 86,000. The Renewed Willingness Among the Bulls to Lead the Price Action Indicates of the Resumption of the Recovery from the April 7 Lows Under $ 75,000.
IT ALSO MEANS PETENTIAL FOR A Continued Move Highher to the $ 90,000- $ 92,000 Range, WHICH ACATED AS The FLOOR, Arresting Price Drops from December to Early February. The Support Zone Was Eventuly Breached in Late February, Spurring A Rapid Decline to Under $ 75,000.
BTC’s Hourly and Daily Charts. (TradingView/Coindesk)
The Range Breakout is Seen on the Hourly Chart (Left).
It Follows the recent of invalidation of the Bearish Trendline, Characterizing the Sell-Off from Record Highs, As Seen on the Daily Chart. BTC HAS ALSO SURPASSED The 30-Day Exponential MOVING AVERAGE (EMA) OF PRICE Highs, Indicating A Bullish Shift in Momentum.
The Focus, Therefore, is on the $ 90,000- $ 92,000 Range, The Former Support Zone from Early this year. TOSE TRACKING MOVING AVERAGES SHOULD NOTE THAT The 200-Day Simple Moving Average (SMA) IS NOW located at $ 88.245.
The Bullish Outlook Risks Invalidation Should Prices Fall All The Way Back to $ 85k by the Day’s End (UTC).
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