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© Reuters. Bitcoin Super Trends Analysis Points 2 Weeks Towards Higher Prices
- BTC price is facing resistance; Experts predict an upward surge in the future.
- The 2-week hypertrend analysis reveals positive signs.
- Investors are advised to exercise patience as higher prices are expected.
Bitcoin (BTC) price has been trading in the red since the beginning of this month after falling from the $30 price point. However, in a recent analysis of the two-week Bitcoin Super Trend, experts predict an imminent rally in the cryptocurrency market.
According to a Bitcoin technical analyst who goes by the Twitter username CryptoCon, the Super Trend, which focuses on identifying key resistance levels, points to two critical factors that could drive prices higher.
First, the market is experiencing a healthy bout of resistance around the trend reversal. According to the analyst, this resistance is a positive sign and an integral part of the natural market cycle. It indicates that the cryptocurrency is going through a necessary consolidation phase before entering a new bullish trend.
“Facing resistance around a trend reversal is healthy, and it’s happening now,” noted the prominent crypto analyst.
The 2-week #bitcoin supertrend tells us two important things: 1. Meeting resistance around a trend reversal is healthy, and it’s happening now 2. Trend resistance comes right before massive bulls Want to look like a genius? Just be patient higher prices are coming pic.twitter.com/YnU86q71OA
– CryptoCon (@CryptoCon_) May 19, 2023
Moreover, based on historical data, the analyst argued that large price spikes often follow trend resistance. A resistance was observed prior to a massive bullish move in previous Bitcoin market cycles, reinforcing the notion that current resistance is a precursor to a price rally.
As the market is testing these resistance levels, investors are advised to exercise patience and avoid making rash decisions. “Higher prices are coming,” CryptoCon tweeted, advising investors to remain adamant about short-term volatility.
When BTC was below $19K earlier this year, cryptocurrency analysts and experts argued that it was the best time to accumulate Bitcoin Sats as there may be no lower point after that. The coin has since climbed above $30,000, one of its recent highs.
Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
Bitcoin’s 2-week supertrend analysis points in a higher price trend appeared first in the coin issue.
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