Bitcoin Price Analysis
we had suggested that the cryptocurrency will face resistance at the $20,000 mark and that is what happened.
Yesterday, Bitcoin reached a high of $19,531.90, before cooling off to $17,900. We expect to see some volatility for the next couple of days.
The uptrend and the momentum remain intact as long as the virtual currency trades above the trendline. Our upside target for the cryptocurrency stands at $24,291.58.
However, if the trendline support breaks, Bitcoin will become weak. It will become bearish and indicate a larger fall once it falls below $15,200 levels. What is the downside target?
Once the 20-day EMA breaks, the digital currency can fall to the 50-day SMA, which is currently at about $10,333 levels. Therefore, traders should trade with a stop-loss.
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