Analysts Predict 1,400% Rally for Pepe Coin Price Prediction as Historical Patterns Emerge
- Susan SarandonOriginal
- 2024-11-05 01:34:12361browse
During the Monday Asian market session, the cryptocurrency market showcased a neutral stance after a notable correction last week.
Bitcoin (BTC) Price Analysis for March 13: BTC Bulls Defend $38K; Next Target at $40K?
Bitcoin (BTC) price opened bullish on March 13, following a strong close above $37,000 on Sunday evening. The world’s largest cryptocurrency by market capitalization now eyes a rally towards $40,000 as technicals suggest a bullish continuation.
Bitcoin price rallies above key resistance, targeting $40,000.
A triangle pattern on the lower timeframe suggests a bullish continuation.
Investors should expect a choppy market structure as bulls push higher.Bitcoin price rallies above critical resistance
On the 12-hour chart, BTC price finally managed to rally above a crucial resistance zone, ranging from $37,000 to $37,200. This level of resistance has capped Bitcoin’s bullish attempts over the past few days.
Now that this resistance has been breached, investors can expect Bitcoin price to rally towards the next critical resistance level at $40,000. This level coincides with the 200-period Simple Moving Average (SMA) on the 12-hourの時間枠.
A triangle pattern suggests bullish continuation
Looking at a lower timeframe, such as the 1-hourの時間枠, we can observe the formation of a triangle pattern. This pattern is typically bullish and suggests that Bitcoin price is preparing for another leg up.
The apex of this triangle pattern is situated around $38,200, and a breakout from this level should propel BTC price towards the next resistance level at $40,000.
Investors should expect a choppy market structure
As Bitcoin price rallies higher, investors should be prepared for a choppy market structure. This choppiness is caused by the short-term traders who are trying to capitalize on the smaller movements within the bullish trend.
However, the overall trend for Bitcoin price remains bullish, and any dips within this choppy market structure should be viewed as opportunities to add to long positions or dollar-cost average into BTC.
Relative Strength Index (RSI) on the 12-hourの時間枠 now trades at 54, indicating that Bitcoin price is within a neutral zone. This reading also suggests that there is room for bullish continuation before BTC becomes overbought.
Bollinger Bands on the 12-hourの時間枠 are expanding, suggesting that volatility is increasing. This observation aligns with the anticipation of a choppy market structure as Bitcoin price rallies higher.
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