- The price of the crypto market leader has risen 2.54% over the last 24 hours.
- BTC may now be targeting 17.5k according to analyst Altcoin Sherpa.
- Technical indicators suggest that the bullish trend for BTC will continue.
The majority of the top 10 cryptos by market cap have seen their prices rise over the last 24 hours, according to the crypto market tracking website, CoinMarketCap. At the top of the list is Bitcoin (BTC) with its price gaining 2.54% over the same time period. This has elevated its price to $16,886.04 at press time.
The crypto trader Altcoin Sherpa (@AltcoinSherpa) shared how he believes the crypto market leader’s price will move over the coming days. In a tweet made today, the trader stated that BTC may be “targeting 17.5k, 200 EMA on the 4h and S/R level.”
The analyst also added that “this current area is resistance” and expects BTC’s price to retrace to $16,5k before “the next move up”.
An ascending price channel has formed on BTC’s 4-hour chart as BTC was able to print higher highs and higher lows over the last 2-3 days. This has resulted in a positive price move that saw BTC’s price flip the $16,5k level from resistance into support.
At press time, the market leader’s price is trading at the upper bounds of the aforementioned price channel. With this being the case, BTC’s price may retrace slightly if the next 2 4-hour candles are unable to close above the upper bound of the price channel.
The relative positions of the 9 and 20 EMA lines on BTC’s 4-hour chart suggest a strong bull presence in the market. This, combined with the high amounts of buy volume, could see the price of BTC break above the price channel to target the 200 EMA on BTC’s 4-hour chart.
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