coinedition.com
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.
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.
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.
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.