The crypto market after a brief pullback is now in a sideways trade. Bitcoin is why it hits $44K, ETH hovers around $3K. Although most altcoins are trading in the green with modest gains, some altcoins have plunged to trade in the red.
BTC price action
At press time, Bitcoin (BTC) price finds support at the 50-day simple moving average (SMA) at $42,418 after rallying nearly 40% from January lows. The bulls are facing a major resistance barrier in the form of a declining trend line from the December highs of $52,100.
The price oscillation between the 50 and 200 simple moving average, with limited downside and upside defined levels, indicates that the price of Bitcoin is moving sideways.
Investors are looking to break out of the 50-day SMA with full confidence to confirm the pair’s bullish bias. A clear break above the downward sloping line would target $52,000, implying an 18% gain. If the price breaks below the 50-day SMA noted above, it can retest the $36,000 horizontal support line.
Analyst calls for a big break
According to a widely recognized trader, if Bitcoin (BTC) can end the week in gains, the leading crypto asset could be on its way to the moon.C
The seasoned crypto analyst tells his 120,000 subscribers in a new strategy session that BTC’s charts are looking good so far, but he is keeping an eye on a couple of resistance levels that need to fall to push Bitcoin price higher.
Vays also claims that BTC is about to trigger a bullish signal in the Lucid SAR, a directional trend indicator that is a version of the Parabolic SAR.
According to the chart expert, $52,000 is a crucial level that, if reached, could propel BTC to new heights.
“You can see how the $52,000 area is my moon zone. I am expecting a big move to the upside above this line. That’s my line. I don’t need to wait for a new all-time high.”
Vays concludes by reflecting on what it would entail if Bitcoin were rejected before reaching its target line. He says that if we get rejected at the moving average and then drop below this low [about $36,000]the line will move to go above that new set high.
This post BTC traders can expect a huge rally once Bitcoin breaks through this level! – Coinpedia – Financial Technology and Cryptocurrency News Media
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