Crypto Trading Expert Outlines Key Bitcoin Price Levels ($BTC) To Watch After Predicting A Rise Above $24,000
A popular cryptocurrency trading expert has identified a key level for Bitcoin ($BTC) to watch after noticing that a technical indicator was flashing a buy signal that could take Bitcoin’s price above the $24,000 mark.
Shortly after expert Ali Martinez pointed out that the TD Sequential indicator presented a buy signal that could take BTC above the $24,000 mark, the flagship cryptocurrency rallied to trade at $24,500 at the time of writing.
However, Martinez noted that the $23,890 support level should be taken into account, as a “four-hour candlestick close below it could trigger a steep correction.”
In a follow-up tweet, Martinez pointed out that the flagship cryptocurrency has “tested the $23,850 resistance eight times in the past month” and has closed the day above this level for the first time in a long time.
The analyst added that BTC’s Relative Strength Index (RSI) is moving past the 60 level as it “looks like BTC is breaking out.” The RSI is a momentum indicator used to measure the speed and magnitude of an asset’s price changes to assess whether it may be overvalued or undervalued.
Per Martinez, it remains unclear what will happen to BTC around the $24,700 mark.
The analyst also added that Bitcoin built a “stiff support floor between $23,055 and $23,800, where 1.52 million addresses bought nearly 910,000 BTC.” In his words, the cryptocurrency faces “little or no resistance going forward.”
As CryptoGlobe reported, intuitive investors and other major traders remain bullish on the flagship cryptocurrency Bitcoin and see it rise to $32,000 this year, despite the downturn in the crypto market that has lasted the first half of the year.
Cumberland, a Chicago-based market maker that buys and sells with institutions and other firms that do large transactions, recently conducted a survey of its clients and found that the median respondent did not think the pain was over in the cryptocurrency space, predicting BTC will fall to a low of $16,000 this year, although they also expect a rally to $32,000.
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