BTC Forms Daily Ascending Price Channel; Will It Reach $27k?

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  • BTC’s price breaks and remains above the $24,000 level.
  • The 9 and 20 EMA lines show that there is still some bullish momentum present on BTC’s daily chart.
  • If BTC’s price breaks out below the current price channel, then the sentiment for the market leader could turn bearish.

BTC’s price has surpassed and remained above the $24k level after the daily trading volume for the crypto market leader rose by around 3.7% to take the total daily trading volume to $30,250,254,823 at the time of writing.

As things stand, BTC’s price is currently down by a small margin of 0.34% according to the crypto market tracking website, CoinMarketCap. This has taken BTC’s price down to just above the $24,000 level at $24,005.25 at the time of writing.

Daily chart for BTC/USDT (Source:CoinMarketCap)

Looking at the daily chart for BTC/USDT, the price of BTC has formed an ascending price channel as it printed higher lows as well as higher highs. This positively sloped price channel saw BTC’s price rise from its bottom at just below $20,000 to its current level.

There are still some bullish signs on BTC’s daily chart despite the latest price movement losing some steam. The relative positions of the 9 and 20 Exponential Moving Average (EMA) lines shows that BTC’s price favors bulls in the market, since the shorter 9 EMA is positioned above the slower 20 EMA line.

Another technical indicator that is bullish is the MACD line which is positioned above the MACD signal line. However, investors need to keep an eye on this indicator as it looks as though it may be flipping bearish over the next day or 2 should BTC’s price be unable to break past the resistance it currently faces from bears.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinEdition. No information in this article should be interpreted as investment advice. CoinEdition encourages all users to do their own research before investing in cryptocurrencies.

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