Upward Momentum is Strong Says This Week’s Crypto Technical Analysis

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Summary

Bitcoin BTC tested $8,500, and once it gets broken out, the crypto may continue rising to $10,000. In the short term, the lower channel boundary may get tested, too, and then the price is likely to continue rising. On D1, the crypto may test $85, but only to continue rising further. The price broke out the upper Bollinger band and is now trading above the upper ascending channel boundary. A correction to the broken out channel boundary may follow, and then the price is likely to rise to $285.

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As expected, BTC continued rising and already reached its first target, with other cryptos mimicking its move cautiously.

The heavy BTC rise is probably because of indices being near their highs, and because investing in traditional assets is currently somewhat risky.

Cryptos, meanwhile, have been near their lows, the risks being much lower, too.

The market looks ready to continue the upmove, but one has to wait for BTC and other cryptos to break out the key levels before a real rally begins.

Bitcoin

BTC tested $8,500, and once it gets broken out, the crypto may continue rising to $10,000.

The flagship crypto also broke out the upper descending channel boundary, which may now get tested, and then the rise is likely to continue, especially if the price bounces off the support.

The indicator is still above 80, which means the upward momentum is strong. Conversely, BTC may also fall down heavily and close below $6,900,...

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