Bitcoin receives endorsement from cryptocurrency analyst as viable option for uptrend, hinging on maintenance of key support level.
Crypto Snapshot: Bitcoin and the Outlook Ahead
Get the latest tips on Bitcoin trading from analyst Cheds, who accurately predicted Bitcoin's drop below $80,000. In his recent analysis, he suggests optimism lies within Bitcoin's long-term projections, provided it stays above a vital price range.
Cheds points out an observable W pattern on the four-hour chart, commonly seen as a bullish reversal structure. This shape indicates a potential price floor after rebounding from significant support twice. Simplifying it, Cheds tells us, "'We might be front-running $72,000.'"
Solidifying these bullish sentiments, the equity markets shifted, and the asset found itself at the SMA (simple moving average) 50, providing further support for the bullish trend, he adds.
If Bitcoin reclaims its immediate support zone of $81,000, regaining the low-time frame pivot, and the high-time frame support set by the SMA 50, the bulls will gain control of the trend, according to Cheds[1][2].
Bitcoin, at the time of writing, is trading at $85,301[3]. Keep following us on X, Facebook, and Telegram to stay updated[4].
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Cloudy skies may be passing over the crypto world right now, but analyze the market trends with the right perspectives, and you'll find a bright tomorrow.
Disclaimer: Opinions expressed in this article do not constitute investment advice. Conduct thorough research before investing in Bitcoin, crypto, or digital assets to minimize risk. The Daily Hodl participates in affiliate marketing[4].
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$85,301 0.30% $541 $1,799 0.28% $5 $604.70 0.01% $0.81 $147.90 1.24% $1.77 $2.29 0.67% $15.55
- In addition to Bitcoin, analysts are also scrutinizing the performances of various altcoins and Ethereum in the current market trends.
- Some analysts believe that the blockchain technology underlying cryptocurrencies like Ethereum could potentially revolutionize the finance industry, much like how the internet transformed communication.
- As the crypto market experiences volatile periods, some investors follow the popular "hodl" strategy, advocated by the Winklevoss Twins, which encourages holding onto cryptocurrencies for long-term gains.
- While Bitcoin's price rises and falls on the chart, other headlines include the latest developments in the world of blockchain, such as the launch of the USX, a stablecoin built on the Solana network, and Richard Heart's victory in a legal case against the SEC.
