- BTC/USD is not ready for a long-term recovery yet.
- A move above $8,000 will mitigate the initial pressure.
Bitcoin (BTC) attested a recovery during Sunday hours but failed to clear $7,200. The first digital coin is changing hands at $7,160, mostly unchanged both on a day-to-day basis and since the beginning of the day. Notably, some major altcoins managed to retain the gains at least partially. Thus, ETH/USD is 1.5% higher than from this time on Saturday. LTC/USD jumped by early 3%.
Despite some positive developments, market analysts are in no hurry to change their bearish forecasts. Thus famous cryptocurrency technical analyst Joe Rager noted recently on Twitter that TBTC/USD should clear $8,000 to give aa hope for a reversal.
That's what he wrote:
Feeling bullish after that $1k move? Zoom out and you'll see price is still very much in a downtrend. Needs to break/hold above $7950/$8k for any talk of a potential reversal. Break previous low and likely head under $6k where $5,300 area is a promising place for buyers
BTC/USD: technical picture
From the long-term post of view, BTC/USD is still inside the descending wedge, with the support line low at $6,200. While we still well above this hurdle, a sustainable move under the recent low of $6,450 will speed up the bearish movement and take us to the pivotal support. If it is broken, a way to $5,300. This area contains the lower line of the Bollinger Band and strong orders that are likely to stop the decline.
If we manage to take BTC/USD above SMA50 (Simple Moving Average) daily at $7,800 and $8,000, the recovery will gain pace with the next focus on $8,300 (SMA100 daily). The next resistance is created by $8,900 (the upper boundary of the above-said wedge) and $9,300 (SMA200 daily).
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