A well-known crypto analyst has raised questions about the end of Bitcoin's bearish trend as it briefly hit the $35,000 mark, signaling a possible thawing of the crypto bear market. In Rekt Capital's latest analysis, the analyst examines key price ranges that could determine the future trajectory of Bitcoin and Ethereum (CRYPTO: ETH), shedding light on whether the bearish thesis for these cryptocurrencies is over.
Bitcoin's monthly performance has been commendable with a rise of more than 14%. Observers noted a potential monthly range formation between approximately $27,150 to $30,450.
The presence of upward wicks on the monthly timeframe is not a recent event. It will be crucial to observe whether these 'Fear Of Missing Out' (FOMO) wicks emerge as we approach the end of the month. It is essential to have a monthly closing above the high range marked in black, but this alone won't guarantee continuation of the upward trend.
Bitcoin's price typically ranges from $25,880 to $30,630 on a weekly timeframe. It's important to monitor potential upside wicks above this range's high.
The presence of upward wicks on the monthly timeframe is not a recent event. It will be crucial to observe whether these 'Fear Of Missing Out' (FOMO) wicks emerge as we approach the end of the month. It is essential to have a monthly closing above the high range marked in black, but this alone won't guarantee continuation of the upward trend.
Bitcoin's price typically ranges from $25,880 to $30,630 on a weekly timeframe. It's important to monitor potential upside wicks above this range's high.
According to the analysis, the breach of the lower high is a significant event. However, it doesn't alter the broader trend. Currently, Bitcoin's price is moving within the defined range. If it fails to break the high resistance of the range, the next possible action could be a downward movement within the same range. The identified potential points for retests have been pointed out by Rekt Capital.
It's important to note that if there is a successful retest, it could lead to a price reversal back to the range high. On the other hand, if the retest fails, then the new higher low would be relied upon for support. If this new low also fails, the range low would be the next support level to watch out for.
In the broader view, it seems that Bitcoin is currently in a macro consolidation phase, which is consistent with its historical behavior at this point in its market cycle.
Investors and enthusiasts are advised to keep a close watch on these indicators and ranges in order to make informed decisions about their next move.
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