BTC’s Worth Might Carry out a Bounce Play This Week, Says Dealer

• Analyst Michael van de Poppe tweeted at present that BTC will look to bounce between $26.5k and $27k.
• The dealer added that the potential rebound may lead to BTC’s value recovering to $29.2k.
• At press time, the worth of BTC stands at round $27,291 after a 1.21% 24-hour drop. 

The famend crypto dealer Michael van de Poppe (@CryptoMichNL) tweeted his newest evaluation for Bitcoin (BTC) this morning. In his tweet, van de Poppe shared that there will likely be a “bounce play” for BTC quickly provided that BTC was not too long ago rejected by a key resistance stage whereas funding charges for the crypto have turn into damaging.

The dealer added within the tweet that he’s anticipating the creation of bullish divergences between $26,500 and $27,000 earlier than a restoration to $29,200. In line with van de Poppe, merchants will proceed to dump their BTC holdings at present earlier than the restoration as effectively.

At press time, BTC’s value dropped 1.21% during the last 24 hours in response to CoinMarketCap. Moreover, the market chief’s value is down simply over 8% during the last 7 days. Because of this, BTC is at present buying and selling at round $27,291.

BTC’s 13.14% improve in each day buying and selling quantity appears to have been primarily promote quantity because the crypto’s value has retraced from its each day excessive of $27,978.98 to its present stage. The main crypto was nonetheless, nonetheless, capable of outperform its largest competitor, Ethereum (ETH).

A notable bearish technical flag was triggered on BTC’s each day chart not too long ago with the 9-day EMA crossing beneath the 20-day EMA within the final 48 hours. This bearish flag means that BTC’s value has entered right into a short-term bearish cycle and can proceed to drop within the subsequent 24-48 hours.

Ought to this bearish flag be validated, BTC’s value might look to drop to the following key help stage at round $25,075 within the coming few days. The each day RSI indicator helps this bearish thesis because the RSI line is at present sloped negatively towards the oversold territory and is buying and selling beneath the each day RSI SMA line.

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