Bitcoin Bounces In Key Range In Hope BTC Price Avoids Big Nuclear Bombs

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Bitcoin (BTC) retained a key support area on Friday as bidders stepped in to avoid another $ 30,000 test.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBitcoin: Leg down vs big nuke

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD hit a local low of $ 32,700 overnight.

A subsequent rebound pushed the pair up nearly $ 1,000 before settling at around $ 33,300 at the time of writing.

As Cointelegraph reported on Thursday, it’s above the $ 33,000 zone, which at least one commercial source has identified as very important for the bulls to stay intact.

As the weekend approaches, the mood is therefore not as gloomy as it once was, tempered by expectations that a downturn could or even should still occur.

Popular trader Crypto Ed was considering a potential trip to a local Bitcoin Relative Strength Index (RSI) bottom, which in turn would cause oversold prices to fall followed by a correction.

By following the RSI pattern / trend and this wave pattern, BTC could go one more leg, he considered.

I don’t expect a big nuclear bomb … big nuclear bomb like in a move towards 20,000 or less. 4-hour BTC / USD scenario chart and RSI. Source: Crypto Ed / Twitter

Since hitting all-time highs of $ 64,500, Bitcoin has fallen to a high of $ 28,600, with lower lows and a challenge from the 2017 peak of $ 20,000 so far absent.

Nonetheless, price action remains limited, with analyst Rekt Capital seeing a strong downtrend, which nonetheless contains a clear level to recover for a breakout.

BTC still maintains this structure and the blue diagonal will always be the trendline to watch for a breakout when the time comes, he said in comments on an accompanying chart.

Altcoins downtrend

Altcoins, on the other hand, lost some of their strength, with losses far exceeding the slight slowdown in Bitcoins to 5% or more.

Ether (ETH), the largest altcoin by market cap, traded at $ 2,060 on that day, down 3%, a history comparable to various other major cryptocurrencies.

Ethereum Classic (ETC) hit its ad highs at the start of the week, while Elon Musk’s ad also failed to generate sustained gains for Dogecoin (DOGE), which was down 4% in the past. time of writing.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.

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