If Bitcoin surges through the $17,622 resistance then APE and AAVE could start posting outsized gains. Although the FTX crisis has broken the positive correlation between US stock markets and Bitcoin, recent strength in stocks shows risk appetite. This could be favourable for the crypto space and attract dip buyers. Bitcoin has been trading near its 20-day EMA of $16,963 for the past three days. This indicates an uphill battle between the bulls and the bears for supremacy. The price has risen by a marginal 2%, while the volume is up by around 28%. BTC dominance is at 38.29%.
At the time of writing, BTC was trading at $17,315.
BTC after breaking and closing below the long-held support of $17,500 – $18,000 made the low of $15,476. Post this move, the asset continued to consolidate and trade in a narrow range from $17,250 to $15,500. On a weekly time frame, BTC has made a ‘Double Doji’ candle that indicates indecision in trend and a possible reversal. However, to witness a rally the bulls need to push the prices above the key resistance of $17,500 and $22,500. Downsloping Moving Averages and RSI below 50 indicate that the bears still have the upper hand. $15,000 – $15,500 will act as strong support, If these supports are broken then it can lead to a further downfall and the prices may test $12k levels.
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.