Cryptocurrencies bounced back with renewed vigor after taking a beating in the past few weeks. Despite the US Federal Reserve’s decision to increase the interest rate by 25 basis points during the FOMC meeting on Wednesday, the cryptocurrency market remains strong. Bitcoin is currently trading above the $29k level.
According to a new video by More Crypto Online, Bitcoin needs to confirm the bullish pattern. He said that we could currently be in a B wave, which could take the form of a triangle or another pattern, but we need a signal to confirm this. If we break above the signal level at $30,050, we could see a higher B wave.
Therefore, the count could either be ABC as indicated or a wave with a higher B wave and then down in wave C. However, to believe this, a break above $30,050 is required.
The analyst is suggesting that even if the market makes a higher B wave, eventually it will enter the C wave and move down further into the yellow support zone. The support zone is expected to be between the levels of $25,325 and $22,050.
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It seems that breaking the support level of $27,655 would confirm a downward move for Bitcoin, particularly in the c wave of wave 2. A move below 27,200 would officially break the triangle to the downside, leading to further downside momentum.
Bitcoin recently found support at the 50-day moving average of around $27K and has been on a steady uptrend. Despite attempting to break past the crucial resistance zone at $30K, it has failed and has slightly declined. However, the BTC price is currently in consolidation mode between the $28K and $30K range. Breaking above the $30K psychological resistance will have a significant impact on the market sentiment.
Source: https://coinpedia.org/bitcoin/bitcoin-news-today-btc-price-is-unfazed-by-feds-interest-hike-soars-past-29k-what-next/