Bitcoin Price Analysis: Could BTC Target $24,000 After Rallying to a 7-Week High?

After posting its highest daily close since September, and breaking above the 100-day moving average, bitcoin price is seeing higher targets.

Technical Analysis

Technical Analysis By: Idris

daily chart

On the daily time frame, the price just broke through the 100-day moving average after several rejections in recent weeks. It’s the first time this has been done since September, and if the price continues above that by another day, it will be the longest stretch since April.

In the event of a bullish daily close above the mentioned moving average, the breakout is then considered valid. The next target for Bitcoin is the $24,000 resistance level and the 200-day moving average nearby.

From a traditional technical analysis perspective, a bullish breakout above the 200-day moving average could be Define the start of a new bear market.

4 hour chart

Looking at the 4 hour period, the price has finally broken above the symmetrical triangle pattern to the upside, after a great momentum.

In this case, the classic price action suggests that a bullish continuation towards the $22,500 level is the most likely outcome. However, short-term consolidation and correction are possible as the RSI has entered the overbought zone (above 70%).

In the event of a pullback, the upper bound of the broken pattern could be retested and the $20,000 area, but if the price breaks, a quick pullback towards the $18,000 support level is very likely.

String analysis

Bitcoin buy and sell ratio

The futures market played an important role in the past cycle. So an assessment of futures market sentiment should provide a useful guide for determining future price action.

The Taker Buy Buy Sell ratio is one of the most valuable metrics, as it determines a trader’s sentiment by showing whether the bulls or the bears are more aggressive. Values ​​above one are considered bullish, while values ​​below one are bearish.

Taker’s buy/sell ratio gauge recently crossed below 1, indicating that bears are aggressively opening short positions in the market.

If this metric continues to trend below one, another significant decline may occur in the near future, similar to the April correction.

Bitcoin Price Analysis Next: Can BTC Target $24,000 After Climbing to a 7-Week High? It first appeared on CryptoPotato.

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