The crypto market has been showing signs of bullishness as the price of Bitcoin (BTC) continues to climb. Currently, Bitcoin’s price is at $22,939 and holding above the 20-week EMA since the previous weekly candle close. This indicates a potential bullish market trend, given that the price was established during the previous week with a stable trading volume. Is Bitcoin’s price set to continue climbing or is this a Bitcoin bear trap?
Bitcoin is at the most important descending resistance on the line chart.
RSI already broke out after the bullish divergence that I discussed for months.
This is a key weekly close.
Lower time frames looking overextended with some bearish divergence. pic.twitter.com/yfNSuEDU7A
— The Wolf Of All Streets (@scottmelker) January 22, 2023
However, with Bitcoin being oversold in the daily timeframe for quite some time now, traders must consider the possibility of a retracement before the price goes further to the upside.
Technical Analysis for Bitcoin Price Prediction: Bitcoin Bear Trap?
Bitcoin’s price has continued its 2023 resurgence closing the previous weekly candle with an 8.78% increase. As of writing, BTC is up by nearly 40% for the year.
Exponential Moving Average (EMA)
The 20-day EMA is currently at $20,278, the 50-day EMA is at $18,798, the 100-day EMA is at $18,749, and the 200-day EMA is at $21,057. With Bitcoin’s price trading above all these major EMAs, this suggests that the market is in an uptrend.
The next step for the EMA is for the short-term EMAs (20-day, 50-day, and 100-day) to successfully break out and trade above the 200-day EMA.
Relative Strength Index (RSI) Suggesting Bullish Bitcoin Price Prediction
The RSI is currently at 85.28, indicating that the market is overbought. However, this should be viewed in context with the other indicators, which suggest a bullish market.
Moving Average Convergence Divergence (MACD): Can We Predict a Bitcoin Bear Trap?
The MACD indicator is showing a strong bullish signal. The histogram is currently at 333.51, the MACD is at 1483.11, and the signal line is at 1149.92. This suggests that the market may continue to rise in the short term.
Price Action, Supports, and Resistances for Bitcoin’s Price Prediction
Another important indicator is volume, which currently stands at 25.811k. The volume moving average is at 36.847k, indicating a higher-than-average trading volume. This is often considered a bullish sign as it suggests increased market interest.
As we look ahead to the potential BTC price for the future, there are two distinct scenarios. In one situation, a retrace could occur and bring prices down between $21,000-$21,500 due to key factors: psychological support at $21,000, horizontal resistance levels, a daily FIB 0.236 retracement level, and a 20-week EMA cushioning any drops. This would be an ideal entry point for new buyers while also allowing RSI to reset after being overbought for quite some time.
If market conditions remain favorable, prices may surge towards the significant resistance level of $25,000, in confluence with the 50-week and 200-week EMAs. This key resistance level could potentially determine whether we are witnessing a real rally in 2023 or if this is simply a bull trap.
Diversifying Your Cryptocurrency Portfolio in Case of a Bitcoin Bear Trap
As we enter deeper into the new year, there is evidence that the crypto market may be in a rally. Are you trying to decide which cryptocurrencies are worth investing in at this point? One great option could be searching for upcoming altcoin presales prior to their launch and taking advantage of what can often be reduced prices compared to when they hit exchanges. If it fits your investment strategy, four noteworthy coins include MEMAG, FGHT, and CCHG–all set for release during 2023.
Meta-morphosize Your Gaming with Meta Masters Guild (MEMAG)
The future of gaming is here with the introduction of Meta Masters Guild (MMG), an upcoming Web3 gaming guild and gaming ecosystem. MMG has set out to transform how we play by combining blockchain technology and community. Its mission is to construct an enduring system that not only rewards engagement, but provides engaging gameplay while overcoming the struggles modern gamers face daily.
The MMG platform rewards users for their efforts with MEMAG cryptocurrency and genuine game asset ownership. Players are given the option to trade their in-game items and currency through a free marketplace, while they can redeem Gems awards as financial settlements or more gameplay assets.
MMG strongly believes that by cultivating a fair and open platform, they can mitigate malicious behavior in the gaming landscape. They’ve recently unveiled Meta Kart Racers, their premier PVP or single-player racing title for mobile gadgets with more groundbreaking blockchain titles set to be added into the collective soon.
It is no surprise that investors are captivated by MEMAG’s token presale which has brought in $1.1 million within a couple of weeks of launching.
Web3 is a Fit for Fight Out (FGHT)
Get ready for a revolutionary advancement in the fitness industry: Fight Out. With their groundbreaking use of blockchain technology, this new gym chain and app allows users to create personalized workouts and be rewarded with REPS tokens for every goal achieved. Developed by experienced professionals approved by CoinSniper, Fight Out’s unique move-to-earn (M2E) system is poised to revolutionize our approach towards exercise.
Get in early and enjoy up to a 50% bonus with $FGHT!
Only 2 days left until our stage 1 presale ends! ⏰
— Fight Out (@FightOut_) January 21, 2023
Fight Out’s plan is to construct state-of-the-art Web3 powered gyms in key locations around the world. These facilities will be equipped with tech such as “mirrors” that display members’ profiles, and sensors that supply real-time feedback on exercises, making workouts more creative and captivating. Already, FightOut has recruited renowned athletes into its ambassador program such as Amanda Ribas and Taila Santos from the UFC, and Savannah Marshall–former WBO middleweight champion.
Boasting an impressive team at the helm and a profitable opportunity for investors to acquire tokens with up to 50% bonuses on investments exceeding $50,000 during the presale phase, Fight Out is primed to make waves in upcoming years. Amassing more than $3.2 million already and steadily picking up steam, this project has a good chance of launching successfully, with a decent runway already in place. There are only a few hours left in stage 1 before the price raises, so now is a good time to take a position if this project looks like it has potential to you.
Charge Up for C+Charge (CCHG)
The introduction of C+Charge’s peer-to-peer payment system and rewards app for EV charging brings real and valuable utility to the blockchain. This innovative platform utilizes blockchain technology to create a fast, transparent, and cost effective experience for EV drivers charging their vehicles. Additionally, EV owners can benefit from simple transactions on the app as well as use CCHG tokens to reap rewards.
Want to fight global warming smartly?
— C+Charge (@C_Charge_Token) January 19, 2023
Now is a good time to purchase C+Charge tokens at an introductory rate of $0.013 USDT per token before the presale progresses into higher tiers and prices rise up to $0.02350 in three intervals.
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- Democratizing Carbon Credits
- Incentivizing Wider Adoption of EVs
- Real Life Use Case for Web3 Technology
- First Platform Allowing EV Owners to Earn Carbon Credits On or Off Chain