A retest of the $28,000 price level is what renowned cryptocurrency analysis company Skew has predicted for Bitcoin’s upcoming market moves. The price patterns and technical signs that are now building on the Bitcoin market are the foundation for my forecast.
According to Skew’s research, the current price recovery from the previous four-hour low at $27.2K is a pivotal moment for a prospective uptrend. The market’s primary support and resistance (S/R) point is at this price level. A steady price increase over this level may pave the way for more gains.
Skew also suggests that the price will probably test the four-hour and one-day EMA trends in the next day. Technical analysts frequently utilise EMAs as indicators to smooth out price volatility and spot market patterns. Price and EMA’s crossing frequently acts as a signal for probable market reversals.
The research also indicates some positive momentum developing, as evidenced by the oscillators, supporting the bullish thesis. Technical indicators called oscillators show how quickly prices fluctuate by oscillating between a minimum and a maximum limit. The Relative Strength Index (RSI) rising above 50 and the price closing above the previous four-hour low would be important confirmations of this bullish trend.
As a crucial four-hour supply point, the $29.8K level is marked as a strong resistance level where sellers may begin to gain the upper hand.
Skew has also highlighted the 200-week Simple Moving Average (SMA) at $26K as a backup measure. For Bitcoin, drawing a line in the sand at the 200-week SMA is essential since it has traditionally served as a solid support during weak markets.
