The crypto market is positive and we are seeing a good momentum rally in altcoins. Even the price of Hive has again exceeded 5 cents and is currently at the 0.0515 level.
If we analyze the BTC chart, we can see that a bullish formation has formed. Higher highs and lower lows have formed. As you can also see on the chart, Bitcoin is moving according to a specific pattern.
The best thing is that the 58,000 support has been tested three times and all three times Bitcoin got a strong bounce back which is a positive sign. This shows that buyers are strong around 58,000 and they do not want the short sellers to become stronger.
Because of these repeated rejections, the price of Bitcoin is now 60,176 at the time of writing and there are more chances that its price will increase further.
As you can see on the EMA 200, which is also acting as a resistance around 62,000, Bitcoin is likely to touch this level very soon. This will definitely give altcoins a great opportunity to see a strong rally.
The effect of the FED news had already impacted the market and now that effect is fading away. The panic creators have already created panic and the whales who wanted to buy at lower prices have already bought.
Now the market is waiting for good news to push prices higher so that retailers enter again at higher prices and a strong rally can be seen.
Therefore in my view, Bitcoin and altcoins are bullish over the next few days, and the market is moving upward.
What do you people think about the next price move of Bitcoin? Do you think it is going to test its resistance level now? will be glad to see your answers in the comment section.
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IMAGE TAKEN FROM AI TRADING VIEW
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