A profitable bet on Bitcoin [BTC] might be made if you go this way

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Bitcoin’s recent hike has opened up possibilities for a trend-altering rally as it approaches its two-month-resistance range. To top this off, the jump above the four-month trendline support (white, dashed) has reinforced the near-term buying […]

The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

With the 20 EMA and the 50 EMA offering immediate support, the buyers could aim to close beyond the $24.6K hurdle in the coming sessions. However, over the past 40 days, the king coin has marked an up-channel revival. A nearly 32% ROI during this phase has helped BTC jump above its 20/50 EMA on the daily timeframe.

A close above the coin’s $24.6K resistance zone could open up a pathway towards the $25.9K resistance near the upper trendline of the up-channel. Also, recent buying volumes have exceeded the near-term selling pressure. Any reversals from the upper trendline could continue seeing a patterned movement unless the bulls dwindle.The Relative Strength Index ’s sway above its equilibrium resonated with the bulls. A close above the 61.

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