Javier Molina, the senior market analyst for eTorohas shared with Cointelegraph en Español his perspective regarding the price of BTC, and has pointed out that from a technical point of view, USD 31,000 represents a very relevant wall in the short term.
According to Molina, prices have not been able to overcome that zone and the existing divergences at the level of certain indicators have opened a normal correction scenario up to USD 26,500-27,000.
According to him, this is the first of the supports that, in case of yielding, it will cause prices to go looking for USD 25,000. “That is the last of the references that we consider valid to maintain the bullish structure. Losing the $25,000 would open up a very different scenario.”Molina stressed.
In context, at the time of writing this note, the price of BTC rebounded yesterday in the area indicated by Molina, specifically 26,900 USD and has recovered the level of 29,000 dollars, therefore, the scenario and bullish trend for Bitcoin holds.
In this sense, since the price recovered the support of the 20-day moving average, The price to beat is at USD 30,400 as can be seen in the graph. If this resistance is overcome, it is possible that it tests the level of USD 31,000 and finds itself once again in a defining scenario that marks a new maximum so far this year or just pull back again and trend sideways in the $27,000-30,500 area.
Source: TradingView 1D
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