Price analysis 4/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made.
Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels remain tight.
On the other hand, SkyBridge Capital founder Anthony Scaramucci, while speaking with Yahoo Finance, said that Bitcoin’s bear market may be over, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term.
Will Bitcoin turn down from the current level or will bulls regroup and push the price above $30,000? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin has formed a symmetrical triangle near $29,000, which suggests uncertainty among the bulls and the bears about the next directional move.
The upsloping 20-day exponential moving average ($27,406) and the relative strength index (RSI) above 58 suggest that bulls have a slight edge. If the price rebounds off the support line, the buyers will attempt to thrust the BTC/USDT pair above the triangle.
If they manage to do that, the pair may start the next leg of the up-move. The pattern target of a breakout from the triangle is $31,280.
Conversely, a break below the support line will tilt the short-term advantage in favor of the bears. The pair may then plummet to the breakout level of $25,250. Buyers are expected to protect the level with all their might.
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Read more on cointelegraph.com
