TradingView column: Cryptocurrencies start short realization

TradingView column: Cryptocurrencies start short realization

After making a new 160-day high, bitcoin begins a short correction, still without much direction, markets wait a full calendar week, with high expectations for the FOMC on Wednesday.

Fabiano Cernerelli

The moves seem to be a reversal pattern, but it is still necessary for the aforementioned points to break, as well as observe points that help us confirm the strength of the break and, above all, to know if the new price level wants to sustain.

We have a not so big flotation zone base, but it’s decent.

An outbreak in this zone is of great importance. I think I see the beginning of a primary bull market, but this asset is not in my portfolio, I’m not sure what the time is, but my study is technical and we have signs of reasonable opportunity for a new bull market.

However, we also cannot rule out that the price does not have enough strength to overcome the resistance and it is just a war of attrition from the buyers.

The price is in a very important zone, it’s not time to do nothing at all, we need an upside break and the price manages to hold at the new level so we can think about creating a position. (See full review).

IG crypto

The weekly BTC chart is strongly above the moving average. We find ourselves above the 20-week moving average, which acts as support for the price. The 40-week average is still seen as resistance, while the 80-week average could also act as resistance.

The perspective is that the price will hit US$25K but it’s important to keep an eye on the RSI indicator as it’s already very overbought but we can’t have the loss of the 50 pp region as we can reverse the trend.

We expect a correction to have a chance to pull back between $19K and $20K where the POC line is on the purple horizontal line of the VPVR. (See more about Bitcoin).

Alan Jones

the price of bitcoin touched the 24k yesterday and went into realization, back to the 50-period moving average (green line) on the H4 chart. Still at this chart time, we see that the average of 50 can yield buying power and the price will return to the uptrend if it breaks the last high at 24k.

If BTC come “lose” Which On average, the price should correct towards the purple region, in the 21,500 range. (Cryptocurrency Ideas).

disclaimer: The analyzes presented here are studies only. They are not investment, buy or sell recommendations, nor do they represent the views of the media tool in which they are published. These studies are aimed at people with knowledge and experience in the financial market.

Our authors: Fabiano Cernerelli, IG Cripto and Allan Jhones.

Source: Live Coins