Manoj B Rawal
Independent Analyst
- BTC at the cusp of a major resistance, break must.
- U-turn from here would be deadly and chaotic.
Bitcoin, the largest cryptocurrency by market capitalisation, is sitting on the cusp of a breakout on the med-term charts, a break of which is a must if the bulls have to continue being relevant in their journey to the north.
BTC/USD is down three cents of a percent on day at $3,929 and trading in less than one percent range for the day. On the 480-minute chart of this largest crypto, it is sitting exactly at the resistance area of the trendline, formed after last year's sell-off and the bounces thereafter.
Given, nearly overbougt RSI and sentiment around the crypto world still at their weakest of the times, chances of a breakout on the upside are very slim. But if it indeed breaks out, then next major resistance comes after nearly 35 percent more rally from here - at $5,500 that is. Whereas if bulls are unable to cross past this one, then a U-turn would take prices all the way towards $3,700 first major rsupport and then $3,300. So indeed a do or die situation for the bulls to prove their relevance.
BTC/USD 480-minute chart:
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