Crypto analyst and YouTuber Crypto Rover uploaded his newest video today, and in it shared some of his concerns for the crypto market leader, Bitcoin (BTC). Crypto Rover pointed out that BTC fell below an important support at around $29.8k yesterday, turning it into a resistance, before falling even lower to test the next support at $29.1k.
Bitcoin / Tether US 1h (Source: TradingView)
Since then, the price of the crypto was able to somewhat recover and is now looking to test the new resistance at $29.8k. Crypto Rover believes that BTC’s price could go either way from here, but a break above this resistance level could see the BTC price climb a bit more. On the other hand, if the BTC price gets rejected at this level, it could lead to a price drop.
Bitcoin / US Dollar 4-hour chart (Source: TradingView)
The analyst also took a closer look at BTC’s 4-hour chart where he explains that the next resistance for BTC lies around $28.8k. He also believes that it is likely for the crypto king to test this level soon, and that it could present a really good buying opportunity for traders.
In addition to this, on the 12-hour chart, Crypto Rover points out that BTC’s price is forming higher highs, while its RSI is forming lower highs, creating a bearish divergence. Also worth taking note of is the fact that there was much less volume during BTC’s last move up. This could be indicative that market momentum is waning for the crypto king.
Bitcoin / US Dollar 1D (Source: TradingView)
CoinMarketCap indicates that BTC is currently trading hands at $29,727.43 after a 0.65% price decrease over the last day. The crypto market leader is also currently down by more than 1% over the last week.
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Source: Cryptocurrency - investing.com
