$BTC is going through a tough period on the market, but Skew's analysis suggests that the first cryptocurrency is on the verge of a recovery
Furthermore, Skew indicates that the price is likely to retest the four-hour and one-day Exponential Moving Average trend in the coming day. EMAs are widely used indicators in technical analysis to smooth out price fluctuations and identify market trends. The intersection of price and EMA often serves as a signal for potential market reversals.Adding to the bullish case, the analysis also suggests some positive momentum building up, as shown by the oscillators.
The $29.8K level is identified as a key four-hour supply point, which means it is a significant resistance level where sellers might start dominating. As a safety net, Skew has also highlighted the 200-week Simple Moving Average at $26K. The 200-week SMA is a crucial line in the sand for Bitcoin, historically acting as a reliable support during bear markets.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin addresses holding 1 BTC or more reach one million: GlassnodeThe number of Bitcoin wallet addresses holding one whole BTC or more, has reached the one million mark for the first time, with roughly 200,000 of the newest wholesalers joining the ranks in 2022.
Read more »
Bitcoin (BTC) Price Analysis for May 13Can the rate of BTC return to the $27,000 mark by the end of the week? NickSzabo4 alistairmilne Maybemore_DC WhalePanda
Read more »
Pepe (PEPE) Surpasses Bitcoin (BTC), Shiba Inu (SHIB) in Social EngagementPepe (PEPE) leads in social engagement, Bitcoin (BTC), Shiba Inu (SHIB) behind $PEPE $BTC $SHIB
Read more »
BTC price bounces at $25.8K lows amid warning over low whale interestBitcoin bulls beware! BTC price must keep the 200-week moving average in play, says MI_Algos.
Read more »
Bitcoin price hits $27.2K, but new analysis warns more losses 'likely'$27,200 is 'likely' not enough to save BTC from the bears, warns RektCapital.
Read more »
Sink or swim at $27K? 5 things to know in Bitcoin this weekBitcoin searches for direction with BTC price triggers lining up for the week ahead.
Read more »