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The crypto market after a brief retracement, is now in a sideways trade. Bitcoin is why of hitting $44K, ETH hovers around $3K. Although most altcoins trade in green with modest gains, some altcoins have plunged to trade in red.
BTC Price Action
At Press time, Bitcoin (BTC) price finds support at the 50-day Simple Moving Average (SMA) at $42,418 after rebounding nearly 40% from January’s lows. The bulls face a major resistance barrier in the form of a declining trend line from the December highs of $52,100.
The price swing between the 50 and 200 SMA, with distinct downside and upside levels limited, indicates that the Bitcoin price is moving sideways.
Investors are seeking to break through the 50-day SMA with complete confidence in order to confirm the pair’s bullish bias. A clear break above the bearish sloping line would target $52,000, implying an 18% gain. If the price falls below the 50-day SMA stated earlier, it may retest the $36,000 horizontal support line.
Analyst Calls a Huge Breakout
According to a widely recognised trader, if Bitcoin (BTC) can end the week in the black, the leading crypto asset could be on its way to the moon.C
The seasoned crypto analyst tells his 120,000 subscribers in a new strategy session that the BTC charts are looking good so far, but he’s keeping a watch on a pair of resistance levels that need to fall to push Bitcoin’s price higher.
Vays also claims that BTC is on the verge of triggering a bullish signal on the Lucid SAR, a directional trend indicator that is a version of the Parabolic SAR.
According to the chart expert, $52,000 is a crucial level that, if reached, could rocket BTC to new heights.
“You can see how the $52,000 area is my moon zone. I’m expecting a huge move to the upside above this line. That is my line. I don’t need to wait for a new all-time high.”
Vays wraps up by pondering what it would imply if Bitcoin were to be rejected before he reached his target line. He says If we are rejected at the moving average and then fall below this low [about $36,000], the line will move to go in above that new established high.