“Unlocking the potential: Exploring the weekend’s trading plan to navigate the unpredictable BTC price landscape.”
The cryptocurrency markets are showing signs of bullishness as top cryptos, including Bitcoin, strengthen against the USD and USDT. Bitcoin has remained consolidated within a narrow range, with analysts predicting a target of $40,000 in the coming weeks.
The recent rise in price has broken through the resistance level of $32,000, leading to an impressive price increase. The range between $30,000 and $32,000 is expected to serve as strong support levels before the price moves towards higher targets.
However, there is expected to be some pullback in the BTC price in the coming days. The Personal Consumption Expenditure rates announced by the US Bureau of Economic Analysis (BEA) may fuel this pullback, as it is a key measure of inflation by the Federal Reserve. If the price fails to sustain at the support levels, it may continue to descend towards the next support zone at around $29,500.
On the other hand, if the price reaches the liquidity zone, a significant rebound could be triggered, helping Bitcoin not only regain lost levels but also form new yearly highs at $36,000 and $38,000.
In terms of indicators, the resistance level is currently at $35,218, while the support level is at $31,434. The RSI stands at 81.6, indicating a neutral sentiment, while the MACD suggests a buy signal. The moving averages (MA-50 and MA-200) and exponential moving averages (EMA-50 and EMA-100) all indicate a buy signal as well.
Overall, the BTC price is expected to experience some volatility in the coming days, but the bullish trend remains intact, with the target of $40,000 in sight.