Bitcoin needs to quickly overcome the barrier at $30,000 or short-term selling could trigger a retest of underlying support levels in BTC and altcoins.
, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term.
Will Bitcoin turn down from the current level or will bulls regroup and push the price above $30,000? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin has formed a symmetrical triangle near $29,000, which suggests uncertainty among the bulls and the bears about the next directional move.The upsloping 20-day exponential moving average and the relative strength index above 58 suggest that bulls have a slight edge.
If they manage to do that, the pair may start the next leg of the up-move. The pattern target of a breakout from the triangle is $31,280. Conversely, a break below the support line will tilt the short-term advantage in favor of the bears. The pair may then plummet to the breakout level of $25,250. Buyers are expected to protect the level with all their might.
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