Bitcoin and other altcoins such as ATOM, CHZ, and APE face resistance at higher levels. However, chart patterns indicate that the current rally could continue for a few days. Last week saw the US stock markets recover strongly, ending the three-week losing streak. Bitcoin made a strong recovery last week, trying to finish the week with gains exceeding 7%. In the last 24 hours, Bitcoin has seen a 2.6% and 1.4% price and volume increase respectively. BTC is currently at 39.84%.
BTC traded at $21,677 as of the writing of this article.
Chart for Bitcoin (BTC).
BITCOIN traded in a ‘Rising Channel Pattern.’ After facing stiff resistance at its upper trendline, the pattern saw a sharp correction that broke the pattern to the downside. It reached a low of $18,510 Although BTC showed a breakout on its downside, it failed to test the $17,622 previous bottom and reversed from $18,510. The asset showed signs that it was recovering and rallied to the $22k mark. BTC faces strong resistance around $22,000 (Upsloping trendline of the Rising Channel). The resistance level of $22k can be broken if the price rises to $28k.
Support 2Support 1AssetResistance 1Resistance 2$17,500$20,750BTC$22,000$28,500
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