Despite declines, Bitcoin is still defending the 200-week moving average. Has the time come for a rebound? Let’s check the opinions of analysts

Bitcoin

A long weekend is coming up in the United States. The extended closure of traditional financial markets there, may further reduce Bitcoin’s price volatility. This one is currently defending an important level. Is it therefore in for a rebound?

Observations from Material Indicators

We begin our review of opinions almost traditionally with @MI_Algos and his observations on the distribution of market orders. According to the latest data, we can observe a new Bitcoin price resistance, which appears just below the $26,600 level. It is not particularly strong, but it has the power to influence further movements of the cryptocurrency.

Hardly, we are already seeing an attempt to break through the designated area as we write this content. We will soon see if it will be successful.

In turn, the first significant support appears in the area of $25,800. This data coincides with our analysis, in which we pointed out that Bitcoin’s descent to the vicinity of $25,250-25,500 is as reasonable as possible from a technical point of view.

Seth sees a double bottom

@seth_fin is an analyst who is very optimistic about Bitcoin’s long-term value, while taking a common-sense look at short-term price action. In his latest analysis, he notes an interesting bullish pattern:

“Yesterday I told you that a possible double bottom was forming. Today we see the formation taking shape. I’m buying more BTC here.”

In his analysis, the analyst points out the supportive formation, a bullish divergence. We definitely admit he is right here! However, can the range of the breakout be that high? The formation indicates that yes. First, however, it will be necessary to overcome horizontal resistance, in the area of $27,500.

Blake takes a cautious look at moving averages of BTC

While the entire market is watching the reaction to the 200-day moving average, an analyst known as @blaakke is looking at the chart a little differently:

“Bitcoin needs to start reversing these MAs on the 3-day chart soon for continuation… So far it has been consistently rejected on the 7EMA. RSI is trying to break out.”

Blake’s observation is very uncharacteristic but particularly interesting. Looking back, it finds justification.

Roman with a positive outlook on the cryptocurrency market

@Roman_Trading is one of those analysts who predicted the bottom of Bitcoin’s valuation with great accuracy. This time he decided not to share a chart, but only his thoughts, which read as follows:

“Many of you are not ready for the next leg up in BTC. Too many upside signals with a huge number of people wanting to take a short position for no reason. This tells me it’s consolidation before growth. A significant rise.”

Certainly Roman’s prediction is what most of us expect in the long term. However, when exactly will this leg up take place? Perhaps we will soon find out.

Łukasz

Łukasz

Market Analyst

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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