This week’s CPI announcement was a significant relief for Bitcoin investors, as declining inflation would likely lead to a bullish trend for risk assets. However, there is still room for caution from a technical analysis standpoint, as the price has yet to break any major resistance level.
Technical Analysis
By: Edris
The Daily Chart
On the daily timeframe, the price has finally reached the $18K resistance area and is currently trying to break it to the upside. The 50-day moving average, located around the same price, is providing additional resistance at the moment.
It’s important to note that a bullish breakout from this significant resistance level could likely lead to a further rally towards the higher boundary of the large descending channel around the $20K mark.
In opposition, if the price gets rejected to the downside, a rapid decline toward the $15K support area would be probable, as there would be no obstacle to holding the price on this timeframe.
Source: TradingView
The
We współpracy z: https://cryptopotato.com/bitcoin-soars-to-18k-but-how-high-can-it-continue-btc-price-analysis/
