Bulls Attempts Recovery Toward 50-day EMA At $23,000

Bitcoin (BTC) price failed to capitalize on the previous day’s gains. The price is stuck below the short-term resistance zone plying between $22,000 and $23,000.

• BTC trades with modest losses on Tuesday.
• The price is expected to consolidate in the range of $20,000 and $23,000.
• The downside is well guarded near $18,000 on the daily chart

As of press time, BTC/USD trades at $22,055, down 1.85% for the day.

BTC price looks for upside signal

On the daily chart, after a short-term consolidation that extends from BTC gave a bullish breakout. The price retest of the resistance, which earlier acted as a resistance. The trading volume supported the breakout. An above-average volume upon the breakout candlestick indicates a bullish sign.

Now, the question is how long the price could leap from the current level. As the bulls manage the previous session’s low, BTC can scale up to $23,300. This also coincides with the 50-day Exponential Moving Average (EMA).

If the price moves decisively above the mentioned moving average, the next target would be the high of 13-June at $26,951.

On an hourly chart, BTC is trading in a rising channel, making higher highs and higher lows. BTC price is currently trading at the channel’s lower trend line, which constitutes a double bottom structure. This is a classic upward trend formation.

The RSI (14) is trading and sustaining above the 50 level which indicates the continuation of the upside momentum.

On the other hand, a shift in the bullish sentiment could result in selling pressure from the higher levels. A daily candlestick below $21,590 would invalidate the bullish hypothesis.

Conclusion

BTC looks mildly bullish on multiple time frames. The price could shoot up to 6% from the current levels. A long position could be initiated if the price closes above the session’s high of $22,958.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.