- CryptoBusy’s Josh Moden thinks Bitcoin is obeying the classic technical indicators.
- Vitalik Buterin’s positive remarks for Ordinals support Bitcoin’s positive sentiments.
- Bitcoin’s price movement aligns with the classic indicators for identifying support and resistance.
Everything seems to be working toward a continuing Bitcoin rally, according to Josh Moden, a host of the crypto YouTube channel, CryptoBusy. In a recently uploaded video, Moden explained that Bitcoin is obeying the classic technical indicators. He also noted that Ethereum co-founder Vitalik Buterin’s positive remarks for Bitcoin Ordinals support the positive sentiment toward a Bitcoin rally.
Using Bitcoin’s daily chart information, Moden showed that the analysis of the pioneer cryptocurrency has been standard. In the past few months, Bitcoin’s price movement has aligned with the classic indicators used to identify support and resistance. They include trendlines, multiple support levels, and breakout patterns that are easy to analyze.
According to Moden, the current Bitcoin price situation presents two potential outcomes for the short term. He thinks the price could break out toward the upside and head to the $38,000 region or drop below support and fall back to retest the $27,000 price level.
Moden told his followers he is positive about Bitcoin’s price development because the market looks bullish. He noted Buterin’s positive remarks toward Bitcoin Ordinals as one of the positive developments for Bitcoin. In a recent discussion, the Ethereum co-founder noted that Bitcoin Ordinals revived the building culture within Bitcoin’s network. According to Buterin, the Ordinals, and the BRC-20 token standard are changing the politics in Bitcoin’s ecosystem.
Moden believes the positive sentiment generated by Buterin’s remarks will benefit Bitcoin and other closely related cryptocurrencies like Bitcoin Cash. He also believes Stacks (STX), the Bitcoin layer for smart contracts, could benefit from the setup.
The YouTube analyst expects STX to climb above its current $0.6697 price level. Moden has set an initial target at $1.07 for STX, while a higher level at $1.31 will be in sight if the price breaks above the initial target.
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