Bitcoin’s recovery to the $42,000 level could boost traders’ confidence and prompt them to open fresh positions in ETH, $NEAR, $MANA and LEO.
on Jan. 25 through River brokerage. On that day, Bitcoin traded roughly between $35,700 and $37,600. If the Texas Senator has held his purchase, he is already in the profit.Although the sharp recovery in Bitcoin’s price may have provided relief to the bulls, data analyst Material Scientist warned that large traders with a ticket size of over $100,000 are selling the rally.
If the price turns down from the overhead zone but does not plummet below $39,600, it will suggest that the level has flipped to support. The bulls will then again try to push the pair above the zone. If they succeed, the next stop could be the 200-day SMA .The 4-hour chart shows an ascending triangle formation, which completed on a break and close above $39,320. This bullish setup has a pattern target at $45,722. The price is currently stuck in a tight range between $42,168 and $40,843.
Alternatively, a break below $2,652 will suggest that the pair may continue to trade inside the channel for a few more days.The 4-hour chart shows the price is rising inside an ascending channel pattern. The 20-EMA and the 50-SMA have turned up and the RSI is in the positive territory, indicating that bulls have the upper hand.
Currently, the recovery is facing stiff resistance at the 200-SMA. If the price rebounds off the 20-EMA, it will suggest that bulls are accumulating on dips. That could improve the prospects of a break above 200-SMA. If that happens, the up-move could reach the pattern target of the setup at $16.36.
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