BTC is dicing with 1.6% losses to start the week.
To print the classic M-shaped pattern, however, Bitcoin would need to revisit the area around $26,000 — something which would require violation of multiple key moving averages., as well as the 21-week and 50-week exponential moving averages .
“The thing about this structure overall and generally this region acting as a confluence support region is because we also have two bull market bullish momentum exponential moving averages developing here,” he said about the area between $26,000 and current spot price. That support cluster, Rekt Capital added, could end up being what “really gets in the way” of a double top, and instead allows Bitcoin to print a weekly higher low and continue upward.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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