- BTC’s price has risen 0.60% over the last 24 hours.
- The market leader’s price will now look to target $17.1K.
- There are major data releases this week that will impact the financial and crypto markets.
The price of the crypto market leader, Bitcoin (BTC), is up 0.60% over the last 24 hours according to CoinMarketCap. As a result, BTC’s price is trading at $16,653.12 at press time. The coin’s price is still down 1.30% over the last 7 days.
Crypto analyst, Michaël van de Poppe, shared his trading strategy for BTC on Twitter yesterday. According to the analyst’s tweet, BTC held a crucial support level and is now looking to attack the next resistance.
The analyst added that he believes this week may be a good one for the crypto market, and has set a crucial bullish breakout level at $16.6k. With BTC’s price breaking this level, the next resistance level that the market leader’s price will target is $17.1k.
This week will also see significant data released which have historically impacted both the traditional finance and crypto markets. Data that will be released are the OPEC, job openings, FOMC meetings, as well as unemployment data.
BTC’s price is making a move towards the 9-day EMA line, which is still positioned below the 20-day EMA line. Given that the margin between the 9-day and 20-day EMA lines is very small, a break above the 9-day EMA line will be followed by a break above the 20-day EMA line.
This could trigger a bullish cross with the 9-day and 20-day EMA lines, which will be a sign of a bullish continuation. Another technical indicator that may flag bullish is the daily RSI line, which is close to crossing above the daily RSI SMA line. Should this happen, a bullish thesis will be further justified.
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 as it breaks the $16,600 resistance and defends a crucial support level.){kind=link}