Where my crypto buddies at?
Bitcoin is stalling around nine-month highs past $28,000 and might need a fresh bullish boost.
Will we see another upside breakout or will BTC/USD need to retreat to these areas of interest?
Bitcoin (BTC/USD): 1-hour
Check out this short-term ascending triangle on bitcoin’s hourly chart!
If this means that bulls are revving up for another rally, then we just might see price hit the $30,000 major psychological level soon.
Moving averages are hinting that more gains are in the cards, as the 100 SMA is safely above the 200 SMA. However, Stochastic is heading south, so price might follow suit until the oscillator reaches oversold levels.
In that case, bitcoin could dip below the triangle support around $28,000 and pull back to the former resistance zone at $26,500. This lines up with the 200 SMA dynamic inflection point, which adds to its strength as a floor.A larger correction could reach the next area of interest near $24,000, but a break below this level could signal that crypto bears are refusing to back down.
So far, market jitters stemming from the collapse of SVB and Signature Bank are keeping traders wary of banking stocks and the financial system in general.
This has revived interest in the crypto scene, as digital currencies might get a chance to prove their use cases while the outlook for traditional financial systems is under fire.
At the same time, the decision of major central banks to open up more liquidity lines in the event of more bank runs is also being viewed as another way to drive down the value of fiat currencies.
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