The cryptocurrency dealer and analyst Ali revealed in a tweet yesterday that the value trajectory for Bitcoin (BTC) submit the 2021 all-time excessive appears to be mirroring the 2013-2017 bullish cycle. If historical past repeats itself, the market chief might even see its value pump in the direction of the top of this yr.
#Bitcoin value historical past may very well be repeating itself! $BTC value trajectory post-2021 all-time excessive seems to be mirroring the 2013-2017 bullish cycle. pic.twitter.com/reCbCB8vCJ
— Ali (@ali_charts) August 4, 2023
In the meantime, at press time, CoinMarketCap indicated that BTC was buying and selling at $29,030.40 after its value dropped 0.58% over the previous 24 hours. This damaging efficiency additionally pushed the cryptocurrency’s weekly efficiency additional into the pink, taking the full weekly loss to -1.12%.
Regardless of the damaging each day efficiency, BTC was in a position to outperform the remainder of the market over the previous day of buying and selling. BTC’s market dominance elevated 0.02% within the final 24 hours – boosting its dominance to 48.73% at press time.
Every day chart for BTC/USDT (Supply: TradingView)
From a technical standpoint, there was a bearish rising wedge sample that had fashioned on BTC’s each day chart. This sample recommended {that a} breakout in the direction of the draw back is imminent within the coming week. If validated, BTC’s value might fall right down to $26,915 within the following couple of days.
Nevertheless, the market chief’s value might try to interrupt above the psychological $30K degree throughout the subsequent 24-48 hours. Continued purchase assist might then elevate BTC’s value as much as the following main resistance degree at $32K.
One factor to be aware of is the truth that the 9-day EMA line had crossed under the 20-day EMA line within the final week. This signaled that BTC had entered right into a short-term bearish development and its value might proceed to fall within the upcoming few days. Along with this, the 9-day EMA line had additionally damaged under the 50-day EMA line over the previous 48 hours.
If the 20-day EMA line in the marketplace chief’s chart falls under the 50-day EMA line, then it could verify the bearish thesis and the chart sample will likely be validated. On this state of affairs, BTC’s value will most definitely retest the essential $26,915 assist degree.
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