- BTC’s price remains above the $20k level.
- Several bullish indicators are present on the daily BTC chart.
- BTC may enter into a bullish move towards $25k if it is able to break above, and stay above, the base of the ascending triangle that has formed on the daily chart.
Bitcoin (BTC) has maintained its position above the significant $20k level according to the crypto market tracker CoinMarketCap.
At the time of writing, the price of BTC stands at $21,766.70, which is a 7.01% increase over the last 24 hours. Now, BTC’s price is set up to challenge the $22,6k level as a bullish chart pattern has formed on BTC’s daily chart.
Furthermore, the Relative Strength Index (RSI) is sloped positively and is positioned above the RSI SMA line. Both of these are bullish flags.
The last bullish indicator is the Elliott Wave theory which suggests that BTC may enter into an upward move to target $25k as BTC is now in the 5th wave of the Elliott cycle.
Daily chart for BTC/USDT (Source: CoinMarketCap)
Despite all of the bullish flags present on the daily chart for BTC, the market leader’s price is approaching the base of the ascending triangle which has been a resistance level for the last 2 weeks.
Investors also need to keep an eye on the 9 and 20 Simple Moving Average (SMA) lines. At the moment, the 9 SMA line is positioned below the 20 SMA line, which is a bearish sign. The 2 lines look to cross bullish but are waiting for BTC’s price to break above the base of the latest ascending triangle.
This will be the confirmation that BTC will target $25k in a continued bullish move. However, if BTC’s price is unable to establish and maintain a position above the base of the chart pattern, then it could drop to as low as $19.5k.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
