Bitcoin Falls Back to Support; Will BTC Make a U-Shaped Recovery?
Bitcoin has been reeling under massive volatile price action, with the outlook of this token seemingly negative in the short term. From a broader perspective, things look dimmer, but dip buyers are happy to add more BTC to their holdings. BTC’s previous low in June 2022 was near $18000, and the current hovering of its value near $18000 again has brought another opportunity to acquire more for this Bitcoin token.
BTC is unique because of its wider acceptance, but traders have more control over its price momentum. Once a peak value is reached, a swift offloading of this token begins. This time the outlook for BTC is back to similar levels as witnessed after the collapse of its value in May-June 2022. Even the moving averages of short duration have turned into a resistance zone for BTC, preventing this cryptocurrency’s rise.
Bitcoin makes a retracement back to $18000 levels, but the outlook this time has moved towards a positive direction. As a high buying volume is seen on the daily charts that far surpasses the buying volumes after its crash in June 2022, we can expect a longer holding time and higher levels than $25000 on BTC once it starts to move in a positive direction. Click here to read about Bitcoin predictions and know the expected future performance for the long term.
Bitcoin’s early price action-based resistance has shifted a notch below the 100 EMA to 50 EMA. The price action on daily candlestick patterns showcases a consolidation at lower levels before an ambient scenario for breakout can be created.
The candlesticks will have a tough time breaching the 50 EMA curve based on past performance near this exponential moving average. Buyers should take advantage of this dip and wait for a breakout without falling into the trap of averaging. While profit booking opportunities would be made available near the $25000 mark.