Bitcoin may be on the verge of emerging more as techniques mark a difficult environment for the cryptocurrency market, Katie Stockton of Fairlead Strategies said Monday in a note.
Stockton sees bitcoin even though it all rose to $51,000, representing a 34% increase from existing levels, following a consolidation of its recent earnings. Bitcoin is up more than 40% from its July low of around $30,000 before hitting a high at a resistance. of approximately $42,600.
“We expect the withdrawal to mature in 1-2 weeks near the 50-day moving average (~$34,800), after which bitcoin will erase $42,600 for a revised upside target of a secondary fibonacci retracement point near $51,000,” Stockton said.
Stockton has noted that long-term momentum remains positive for bitcoin, and a loss of momentum from the problem in the medium term allows bitcoin to function well.
In addition, bitcoin’s relative loss of strength over ether indicates “a shift to a dicy environment in the cryptocurrency space,” Stockton said. Ether is up 57% from its mid-July low.
If bitcoin approaches its 50-day moving average, it would constitute a 9% drop from its current point of around $38,200.
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