- Bitcoin trading within core support between $3,000 and $3,500.
- Prevailing bullish momentum bound to continue as technical levels remain bullish.
Investors are begriming to see a glimmer of hope as Bitcoin and other cryptocurrencies trade in the green. The slight bullish moves are welcomed after the market turned severely bearish on Monday. Bitcoin plunged below the support at $3,500 and formed new 2019 lows around $3,340. While there has been a recovery above $3,400 as predicted yesterday, BTC/USD is still far from brushing shoulders with $3,500.
The declines sent jitters in the crypto space following a $7 billion loss. However, one of the industry’s top analysts, Matt Greenspan advised investors not to overreact to the drop which was mainly technical. Bitcoin fundamentals are still intact. It is trading within core support between $3,000 and $3,500. Moreover, the analyst added that the largest asset is still trading in longer range support between $3,000 to $5,000.
Bitcoin is trading at $3,421 and is sitting comfortably above the 50-day Simple Moving Average (1-hour range). The Relative Strength Index (RSI) in the same range is at 60.97 after retreating from the oversold region. The Moving Average Convergence Divergence (MACD) is about to cross into the positive region to show that bulls are gaining traction. The bullish momentum is likely to increase as the path of least resistance is to the upside.
BTC/USD 1-hour chart
Share
