⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

BTC’s Price Still Targets $30K Despite the 24-Hour Retracement

Published 2022-11-07, 07:35 a/m
© Reuters.  BTC’s Price Still Targets $30K Despite the 24-Hour Retracement
BTC/USD
-
ETH/USD
-

  • BTC’s price dropped 1.82% over the last 24 hours according to CoinMarketCap.
  • A bearish signal has flagged on BTC’s daily chart.
  • The weekly chart for BTC shows that there is some bullish momentum present for BTC.

The crypto market leader is still trading above $20,500 despite a 1.82% drop in price over the last 24 hours, according to the crypto market tracking website CoinMarketCap. This retracement follows after it was able to set a daily high at $21,283.31. Bitcoin (BTC) has also strengthened against Ethereum (ETH) by 0.88% during this time period.

Daily chart for BTC/USDT (Source: CoinMarketCap)

A bearish signal has flagged on BTC’s daily chart as the the daily RSI line recently crossed below the daily RSI SMA line. Even though this bearish flag was signaled, the daily 9 and 20 EMA lines still show that BTC has some bullish momentum present on its daily chart.

Weekly chart for BTC/USDT (Source: CoinMarketCap)

Looking at the weekly chart for BTC/USDT, the price of BTC has risen above the weekly 9 EMA line and looked to challenge the weekly 20 EMA line, where it was met with some resistance that pushed BTC’s price down slightly.

The weekly chart for BTC/USDT is somewhat bullish as the weekly RSI line crossed above the weekly RSI SMA line and has maintained its position for the last several weeks.

Given the current situation on BTC’s weekly and daily charts, it’s fair to say that BTC’s price will attempt to make a bullish move over the coming week or two. However, it will need to overcome the weekly 20 EMA level which is currently sitting at $22,523.55 before it can confidently enter into a bullish move that will see its price climb to $30k.

Disclaimer: The views and opinions as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post BTC’s Price Still Targets $30K Despite the 24-Hour Retracement appeared first on Coin Edition.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.