What is going to happen to BTC? - Technical Analysis
Updated
The market is highly volatile amid the release of US CPI and PPI data. Although this has significantly impacted BTC's price action, BTC is still respecting its key levels. Yesterday, BTC broke $67,000, causing panic among investors. Currently, BTC has recovered and rebounded, creating interim support above that zone. If the CPI and PPI data are unfavorable and BTC breaks and closes below $67,000 again, we may see BTC plummeting to $63,000 levels.
BTC is experiencing a strong bullish trend. In the one-day time frame, it has formed a large ascending triangle. If there is a breakout and closure above $74,000, we could see a rally up to $85,000 soon.
In the one-day time frame, oscillators are giving neutral signals, while the moving averages indicate a bearish stance. However, in the weekly time frame, the moving averages are extremely bullish due to recent rallies. The oscillators are neutral to bearish, mainly because of the MACD Level (12, 26) and Momentum (10) indicators.
BTC is experiencing a strong bullish trend. In the one-day time frame, it has formed a large ascending triangle. If there is a breakout and closure above $74,000, we could see a rally up to $85,000 soon.
In the one-day time frame, oscillators are giving neutral signals, while the moving averages indicate a bearish stance. However, in the weekly time frame, the moving averages are extremely bullish due to recent rallies. The oscillators are neutral to bearish, mainly because of the MACD Level (12, 26) and Momentum (10) indicators.
Note
We are still in the triangle and we are safe :)
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