The bulls extended their support for the world’s largest cryptocurrency while maintaining positive performance for consecutive weeks. Moreover, the current price level is finally above the major resistance level of $45K and EMA-200 which could further drive the bullish momentum.
The price level also had a positive breakout from the rising channel pattern depicting high volatility but on the positive side as of now. EMA-20 is in the potential to have a positive crossover against EMA-100 after a successful positive crossover against EMA-50.
On the Fibonacci retracement table, the price level has gone above the 1.00FIB level after a couple of months from its monthly lows. This further suggests that if BTC is able to maintain sustainability above the mentioned FIB level, we could expect it to test the psychological mark of $50K.
The next hurdle for the bulls can be placed at $48K followed by $50K. However, if the existing volatility turns negative, support can be placed at $45K and $42K respectively.
The Bitcoin fear & greed index has now moved to the greed sentiment while the value reaches 60. This indicates that the overall market conditions can expect new participants and holders to take entry.
The price level also had a positive breakout from the rising channel pattern depicting high volatility but on the positive side as of now. EMA-20 is in the potential to have a positive crossover against EMA-100 after a successful positive crossover against EMA-50.
On the Fibonacci retracement table, the price level has gone above the 1.00FIB level after a couple of months from its monthly lows. This further suggests that if BTC is able to maintain sustainability above the mentioned FIB level, we could expect it to test the psychological mark of $50K.
The next hurdle for the bulls can be placed at $48K followed by $50K. However, if the existing volatility turns negative, support can be placed at $45K and $42K respectively.
The Bitcoin fear & greed index has now moved to the greed sentiment while the value reaches 60. This indicates that the overall market conditions can expect new participants and holders to take entry.