Bitcoin to Retest Key Level Before Next Rally?

Source Link : Tradingview

Cryptocurrency Analyst Expects Bitcoin to Retest Key Level Before Next Rally

Top trading analyst @CryptoTrades is sticking to his previous Bitcoin price prediction of a move to $36-37k before retesting critical support, according to his latest "Bitcoin Chart Analysis" shared on TradingView.

In the recent technical update, CryptoTrades notes that Bitcoin is forming the same "kind of fractal" as his previous forecast, with the $36k level now "almost done".

The analyst had previously stated that after one final leg higher, Bitcoin would see a retest of the $31.5k support zone. According to CryptoTrades, "this is that leg" currently playing out as BTC funding rates turn "way too red", exhibiting euphoric market conditions.

Going forward, CryptoTrades reiterates his outlook for Bitcoin to reach between $36-37k before falling back to retest the key $31k level.

The analyst stresses he will only consider short positions if weakness is exhibited in price action, not during "green candles". Risk management is also highlighted as paramount for any trades based on the view.

Source Link : ProAnalysisTrader

Cryptocurrency analyst ProAnalysisTrader is raising caution flags over Bitcoin's current price action in his latest trading update.

In the post shared by ProAnalysisTrader notes that Bitcoin appears to be in an "overbought condition" based on technical indicators. Specifically, the Relative Strength Index (RSI) is showing a high value of around 80 - typically indicating an overextended market.

He also observes the RSI is showing "signs of weakening", implying upward momentum may be slowing. This could potentially lead to a price pullback in the short-term.

While Bitcoin is currently holding above the $33,700 price level, ProAnalysisTrader considers it "probable" that prices will eventually retest crucial support at $32,000.

The analyst suggests this potential retest of the $32K level may "present an attractive opportunity to initiate a long position". His technical analysis points to this as a potential swing trading setup for traders if support is confirmed.

By monitoring indicators like RSI, the professional trader aims to identify overbought/oversold signals that often precede short-term trend changes.

By analyzing funding rates and price fractals, @CryptoTrades aims to identify potential swing trading opportunities around important support and resistance zones. His latest predictions provide insight on how traders may look to play Bitcoin's next technical moves.

Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. It is important to conduct through research and consult with professionals before engaging in any investment or financial activities.