Over the last 48 hours, Bitcoin has surged 4% and is currently trading at $16,800. It appears to be trying to break out from the daily EMA20 and 3-week-long resistance level of $17,000. However, since recent movements are yet to be confirmed by volume, traders should be cautious in case the price is rejected around this area.
BTC Technical Analysis and Price Prediction
A method of finding potential resistances in the chart is by plotting reverse Fibonacci retracement levels. If we plot the Fib from the most recent high to the present low, we can see that the fib 0.236 level lines up with EMA20 at approximately $16,900. In addition to this, we have an area of $17,000 which is the current resistance of the range. These stacking resistance confluences are telling us that the area between $16,900 to $17,000 is indeed a significant area of resistance.
If Bitcoin is able to close the daily candle above $17,000, then a move toward our next target of $17,500 is possible. If it fails to break through this resistance level and instead gets rejected, then a decline back to the area of support at $15,500 is expected. Watch for market news related to the FTX scandal including further bankruptcy news from Genesis and DCG and keep a close eye on the wider risk asset markets for hints about what may be in store for Bitcoin and the wider crypto market.
Cryptocurrencies to Weather the Bear Market Storm
Just like any other market, the cryptocurrency market has its good months and bad. However, because digital assets are still relatively new and have had little regulation, individuals should take extra care before investing in any type of crypto asset. One way to protect yourself during a bear market is by diversifying your investment portfolio to include both higher-cap and low-cap coins with strong fundamentals. Here are a few examples of promising cryptocurrencies that meet these criteria.
Dash 2 Trade (D2T)
Unlike other crypto tools that only help experienced investors, Dash 2 Trade is made for traders of all levels who want to improve their trading strategies. D2T provides forecasts, social analysis, and trading signals to help users make informed decisions about trading and investing in cryptocurrencies. D2T offers many services, such as developing and evaluating trading strategies, keeping up with crypto news, and extracting insights from blockchain analysis. So far D2T’s presale has raised $7.3 million dollars and is 83% through stage 3 before final stage 4 pricing goes into effect at $0.0533 per token.
The alpha version of RobotEra’s (TARO) sandbox-style Metaverse will be released in 2023. Its gaming platform runs on the Ethereum blockchain, where gamers play as robots to help create a virtual world on the planet Tarot. This world has tradable NFT-based land, buildings, and other in-game items to TARO is also creating a blockchain-based digital identity system, where gamers can create and own their virtual avatars. This will increase the sense.
The price during its second stage will be $0.025! One TARO can be bought right now for $0.020 USDT using either USDT or ETH, so make sure to get in on the action early! The presale has raised over $291k so far, and there’s still time to get in on stage 2 before the price raises.
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