Although the positive adjustment in the neutral structure looks promising, the technical indicators keep feeding some pessimism. The RSI has returned to its 50 neutral mark after barely climbing above it, while the MACD is still within the negative zone despite improving above its red signal line. Meanwhile, the Stochastics are printing a bearish cross in the overbought zone, adding some caution as well.
Should the bulls regain control, immediate resistance could come near the tentative descending trendline ahead of the 50-day SMA at $34,635, which corresponds with the lows from the first quarter. The next target might be the area between 37,760 and $39,800, while higher, a close above the 200-day SMA at $42,463 could produce sharper increases.
On the downside, the 20-day SMA and the $30,000 level could be critical. If the crypto slides below that threshold, cracking the floor at $28,000 too, all eyes will turn to the more than a year-low of $25,390. Failure to bounce on the latter could generate another bearish extension to $24,000.
Summing up, the popular crypto has somewhat upgraded its short-term outlook, though the technical picture suggests that it’s not out of the woods yet. Nearby resistance could occur around $34,636, while a flip back below $30,000 is expected to bring sellers back into play.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.