Can Bitcoin and top Altcoins Have a Bullish Week Ahead? – News – BitSmart.US
Notably, bitcoin’s RSI on a daily chart was still in the oversold zone, a recovery above the oversold mark could indicate some sustained positive momentum for the top coin.
Additionally, with Bollinger bands on BTC’s 24-hour chart looking wide open, the market participants should expect high volatility going forward.
While BTC’s recent price lows have been swept at the moment, a significant price uptick seems unlikely in the short term due to the coincidence of Monday’s high and weekly open at the $31,268 price level.
Investors and traders could be cautious of a pullback towards Monday’s low at $29,027 and contemplate going long BTC. However, if bulls can push BTC price higher and flip Monday’s high at $31,250, the same would reveal a stronger conviction amongst buyers suggesting the likelihood of a short-term rally.
In case of a near-term uptrend, Bitcoin price could first retest the range high at $32,650. Once that is cleared, the next major resistance would fall at the $34,750 level.
After the $34,750 level is breached and BTC’s price is above the psychological support at the $35,000, more volatility and pressure from bears could be expected.