A widely watched cryptocurrency analyst updates his outlook on Bitcoin (BTC) and artificial intelligence (AI) altcoin Fetch.ai (FET).
Pseudonymous Crypto Trader Rekt Capital To tell Their 332,200 Twitter followers say they are on the verge of confirming a bull market after bitcoin’s rally this week.
but they Warning It could take months to break out of a major bear market trend line, and by then the price could have fallen.
“BTC is about to cross the multi-month downtrend line on the weekly timeframe. A weekly close above the trend line could confirm a breakout, but confirm a new bull market. The most important trendline to cross in order to do so is the monthly macro downtrend.
BTC is in a transitional phase. A bear market ends and a new bull market begins. This stage could take months, and new lows cannot be ruled out entirely yet. ”
Merchants too appear With Bitcoin’s Relative Strength Index (RSI), a measure of the asset’s momentum, as an indicator that Kingcrypt is showing bullishness. Analysts say the RSI would need to rise to the bottom range of the previous bear market RSI to confirm an uptrend.
“The monthly BTC RSI is also breaking out of the downtrend channel. To confirm the bullish trend, the BTC RSI needs to retake the previous bear market bottom area (green) as tentative support and it will It could technically act as a resistance until it’s reclaimed.”
correct capital, then To tell Another market indicator to watch is whether Bitcoin can break above the $20,000 psychological price level. In the current rally, $20,000 could be a resistance, they say. As of this writing, Bitcoin is trading at $19,287.
“BTC is slowly but surely approaching the psychological level of $20,000. Macro-wise, BTC is in the $13,900-$19,500 monthly range (blue-blue).”
Shift focus to cryptocurrency trader Fetch.ai To tell The decentralized machine learning system blockchain project is poised to see higher support levels at $0.262 after surging with the broader crypto market rise.
“The FET will follow the green path and eventually reach the resistance of the blue. Whether the FET can turn the blue level into support or whether the price next needs a healthy drop to the red. awaiting confirmation.”
At the time of writing, Fetch.ai is worth $0.245.
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