On the technical side, BTC has been trading within a falling wedge since December 28. The wedge is normally considered a bullish pattern, so a breakout would be the most likely scenario for analysts. Besides this, both the MACD and the RSI have generated bullish divergences. The closest resistance area is at $ 48,000.
While it hasn’t started a strong bullish move yet, there are considerable bullish signals. If the predictions follow, the closest resistance levels would be found at $ 52,300 and $ 58,700. While the former coincides with short-term range resistance, a range breakout would be required for BTC to reach the second level.
Altcoins, an opportunity
As the price of Bitcoin (BTC) continues below $ 47,000 and analysts warn of a “period of explosive volatility” approaching, investors are unwilling to predict what the breakout will look like. For this reason, in recent days the altcoin market has once again resumed a growing path and several tokens have registered notable gains.
According to information collected by Cointelegraph, Everest is a blockchain company that focuses on removing barriers to public services and enhancing economic inclusion through the creation of a deviceless global digital transaction protocol with built-in identity features. Its price managed to increase 155% in the last three days.
It is added, PAC Procotol, a next-generation blockchain masternode network that has over 18,000 active nodes, saw the price of its token increase 36% in the last 24 hours. PAC’s price was up 79% to hit a daily high of $ 0.00359 on January 3, as its 24-hour trading volume soared 50%.
Finally you will find Ravencoin, A blockchain network specifically designed to handle the transfer of assets from one party to another efficiently, has seen its price increase by 34% in the last 24 hours.
Source From: Ambito
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