This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Imagine two major newspapers, both of which support the same presidential candidate. The joint support indicates that the candidate is likely to have a broad support.
Similarly when price diagrams for both bitcoin BTC$104.020.02 And strategy (mstr) -The largest publicly listed BTC-owner-District Contemporary Bullish signals, it’s probably a strong sign that the market and larger institutional players are in line.
Daily price diagrams for both BTC and MSTR show their 50-day simple movement average (SMA) that crosses over their 100-day SMA to confirm a so-called bullish crossover. It is a sign that the short -term trend is now surpassing the prolonged trend, which may be a signal of the beginning of a large bull market.
BTCS Bull Cross is in line with other indicators such as MacD, suggesting that the path with the least resistance is on the higher side.
That said, a temporary fall below $ 100,000 cannot be excluded as data on the chain shows influential market participants has become cautious.
The diagram shows that BTC’s price rally has stopped in the range $ 101,000- $ 107,000. A downward break could trigger more profits and potentially elaborate on the Bull Market-Backing Recovery in support of $ 98,000.
