Bitcoins $40K Surge to Boost Altcoins in H2 2023!

Bitcoins $40K Surge to Boost Altcoins in H2 2023!


Bitcoin price consolidation continues with possible resurgence of firm upswing signaled by recent upswing, potential retest of 50-day MA levels, and bullish momentum pushing towards resistance level of $28,000, but upswing may still continue for another 3 months before next breakout.

The price of Bitcoin (BTC) has been consolidating during a very narrow range throughout the last week which was followed by a rejection at $30,000 levels and a subsequent breakdown of the 50-day MA of around $29,000. Until the last trading day, the bearish target was set at around $25,000 but the past few upswing shed light on the likelihood of the retest of the 50-day MA levels. 

The Bitcoin bulls seem to have dominated the market with strong momentum as they regained control after a sharp pullback. Holding the same momentum, the bulls are now attempting to push the prices towards the following resistance level of $28,000. If they succeed to do so, then it may signal the resurgence of a company upswing that may signal an extended Bitcoin (BTC) rally. 

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Nonetheless, the upswing may still continue for another 3 months as the following upswing is predicted anytime in the following fortnight. 

Source: Tradingview

Seeing as the weekly chart it is very evident that the Bitcoin price is trading over some strong support levels, over EMA-21, EMA-50 and MA-200 with a strong RSI at 55.5. Hence, on a positive  tendency note, the consolidation may continue for another 1.5 to 3 months before the following breakout. 

Furthermore, in the daily chart, some diverse price actions could be witnessed as the Bitcoin price formed a positive  tendency hammer, some days ago. Furthermore, the price continued to trade below this hammer which compelled the price to consolidate more before a breakout. Until the Bitcoin price trades over $25,000, it is considered to be under positive  tendency influence and if it breaks a steep fall below $20,000 is imminent. 

Source

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