Bitcoin Bulls Hopeful After BTC Micro Rally But This Resistance Must Break First Before Further Upside
In a series of tweets, crypto trader Sjuul (@AltCryptoGems) provided some technical analysis on the recent price action of Bitcoin (BTC). Sjuul first noted that while the daily timeframe remains in an uptrend, lower timeframes paint a more mixed picture.
Bitcoin Must Break This Key Resistance
Specifically, Sjuul pointed out that the 4-hour chart has turned bearish, with lower highs and lower lows. To flip bullish again, Bitcoin needs to trade above $43.5k to post a fresh higher high.
For now, Bitcoin’s reclaim of support around $40k is a positive development, allowing it to rally back into its recent range. Bulls need to hold this level and push through resistance at $42.5k.
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Show more +Upside Invalidated Under $35k-33.5k
On the downside, losing the $40k area would open up a drop to support at $35k-33.5k, around the daily moving averages. For now, Sjuul is hopeful upside can continue if Bitcoin holds supports and breaks through near-term resistance.
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