The market recovery begins earlier than expected as top-tier cryptocurrencies see up to 10% recoveries
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For traders hoping for another breakout this bounce off the 26 EMA suggests that the asset is attempting to sustain its upward momentum. The trading volume is declining which is a worrying factor. Generally price movements require a spike in trading volume to be sustained particularly when breaking through important resistance levels. may be hampered by the decreasing volume which indicates a lack of buying pressure. The state of affairs now offers conflicting possibilities.
Bitcoin found support at this critical level preventing a prolonged bearish trend and opening the door for further gains. The current configuration is especially intriguing because of where Bitcoin is located on the chart—a descending channel.is currently heading toward the upper boundary of this channel which is located at roughly $68,000 after the lower boundary held steady. A breakout toward $70,000 is becoming more and more likely if momentum keeps increasing.
Although not particularly large, the trading volume has been steady suggesting that interest in Bitcoin is stable at these levels. This consistency is significant because it indicates that there is still room for more buying, as we get closer to the important resistance levels and that the market isn't overextended.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.
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