Bitcoin Price Makes A Remarkable Comeback But Still!
2022-02-09 | Daniel Smith
Bitcoin (
BTC) has made a remarkable comeback in consecutive days, but its voyage to record highs is merely just the start – and distant from certain, according to fresh research.
Rekt Capital, a prominent trader as well as analyst, indicated two critical milestones
BTC/USD must recapture as support for bulls in an update to a Twitter argument on Feb. 9.
Bitcoin's main macro resistance levels have finally been established
Although going up 13% in a week as of Wednesday, Bitcoin remains a long way from its November record of $69,000.
According to Rekt Capital, a longer-term view places BTC/USD in a range of $28,000 to $69,000, correlating to the 2021 start and all-time high.
The 21-week, as well as 50-week exponential moving averages, are the two moving averages in play.
For the time being, there is no "golden cross" on the skyline
Moving to smaller timescales and a reversal of Bitcoin's recent "death cross," development on the daily graph has yet to begin.
Death cross occurrences, which occur when the downward-sloping 50-day moving average crosses below the 200-day moving average, frequently signify the commencement of a lengthier downturn.
Their veracity is still being debated, but the inverse — the "golden cross" structure — is typically regarded as a signal of market strength.
According to information from
CoinMarketCap & TradingView, a peek at the daily graph this week indicates that the 50-day moving average has yet to commence tilting up to reach its 200-day counterpart.
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