- #cryptocurrency trader and analyst Ali stated in a tweet that Bitcoin (BTC) needs to close a weekly candle above $31,700 to avoid further decline.
- He mentioned that the Parabolic SAR on BTC's weekly #chart is above its price, indicating a potentially bearish signal pointing towards a downtrend.
- Currently, BTC's price is at $26,063.76, showing a 0.83% gain in the last 24 hours.
- Despite the #daily gain, BTC's weekly performance is negative, down by -11.28%.
- On the daily chart, BTC's price recently formed a higher low, but it remains below the lower level of the Bollinger Bands (BBANDS) indicator.
- This suggests a potential upward movement in the beginning of the week as #BTC aims to recover within the BBANDS range.
- The Relative Strength Index (RSI) indicator indicates extreme oversold territory, implying a potential #opportunity for a long position.
- If the bullish scenario unfolds, BTC might rise above $26,915 in the next couple of days, followed by a retest of the resistance level at $28,295.38 in the following week.
- However, failing to close a daily candle above $29,915 by Wednesday could put BTC at risk of testing a crucial support level, potentially leading to a drop to around $24,200 in the next two weeks.
