bitcoinThe recent selling pressure has not changed one technical analyst’s long-term bullish sentiment for the cryptocurrency.
Katie Stockton of Fairlead Strategies said in a note Monday that despite the recent surge, Bitcoin’s long-term outlook remains positive.
bitcoinThe coin fell 30% from its November high, but a relief rally helped the cryptocurrency recover some of its losses. bitcoin It fell from $50,000 on Monday to $47,000 on Tuesday.
Despite the back and forth movement, which represents the 61.8% fibonacci retracement level, Stockton said Bitcoin’s 44,200 observed that it managed to stay above the key support level in the dollar. According to the note, Bitcoin’s successful test at this level throughout December helped the short-term momentum turn from bearish to neutral.
In the medium term, however, Bitcoin’s momentum is weak and is in bearish territory based on the weekly MACD (Moving Average Convergence Deviation) indicator. “But if the weekly stochastics are crossing, we will assume a neutral medium-term trend,” Stockton said. used the phrases.
With a neutral short-term trend and a bearish medium-term trend, Bitcoin 54,600 with dollars 55,600 stays in a fluctuating trading range between the dollar. Still, Bitcoin “remains solidly in a long-term uptrend… and it is still higher even though our long-term indicators have been marked down this month.”
According to the note, bitcoin If it can bounce decisively above its short-term resistance, it will set its next target, which represents a potential increase of 35% from current levels. 65,000 There will be long-term resistance around the dollar.
Despite the recent sell-off, Bitcoin is still up 64% year-on-year, gaining 693% since bottoming out on March 23, 2020, dominated by the COVID-19 pandemic.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.