BTC/USD might soar to $59,500, with additional positive aspects more likely to push costs to a brand new excessive close to $62okay, John Bollinger says
Bitcoin is buying and selling close to $57,900 as bulls try and push costs greater amid promoting strain. The prime cryptocurrency is up simply 1.24% over the previous 24 hours and stays 3.5% within the purple week-on-week.
Despite the battle and formation of a bearish pattern line, one analyst forecasts BTC value is about for extra positive aspects.
According to John Bollinger, the technical analyst who invented the Bollinger Bands indicator, Bitcoin value is about for an upside squeeze to a brand new excessive.
“Bitcoin is organising an try at a breakout to a brand new excessive. $BTCUSD Still appears early to me; higher to be on the alert than to overlook,” he said.
“Note: Crytpos trade 7 days, so may require different Squeeze parameters. Need to research this more. Maybe 28 period BBs?”
Bitcoin value outlook
The Bitcoin (BTC) value stays above a bullish pattern line following a corrective bounce off the lows of $50,350 on 25 March. The bullish engulfing candlestick that fashioned then noticed BTC costs retest the $60okay zone earlier than one other leg right down to the pattern line assist.
The cryptocurrency is buying and selling above the center curve of 20-day Bollinger Bands, with a possible upward break more likely to push costs to the higher curve at $61,150.
The each day RSI is above 50, whereas the value trending greater over the 50 SMA factors to a bullish view.
On the 2-hour chart, BTC/USD stays capped under the higher boundary of a descending channel. The resistance line has restricted bulls for the reason that retest of the $60,100 degree.
Although the road has acted as a stiff hurdle, bulls wish to breach it as they aim a leg as much as a descending pattern line fashioned for the reason that rally to the all-time excessive of $61,683.
The 2-hour MACD and RSI indicators assist a constructive outlook. The MACD’s bullish crossover is seeing it start to extend inside the bullish zone, whereas the RSI is seeking to flip greater above 50.
If bulls maintain costs above the 50 SMA ($57,707), a breakout to the channel’s resistance line might open up a run to the horizontal barrier at $59,500. The goal would then be to clear above $60okay earlier than making an attempt to crack the $62okay mark.
On the opposite, failure to right greater will invite promoting strain and see bears goal $56,600. A breakdown from right here and BTC/USD might contact lows of $55,000.