The bitcoin price, after consolidating within a very narrow range for a few days, plunged below the crucial support level of $22,000. The bearish volume has accumulated heavily, which may keep the rally within the consolidation range for an extended period. Hence, the price is believed to test the lower support below $21,500 in the coming days, which may attract huge liquidity to the platform.
In the times when the BTC price is believed to be slashing down hard, some possibility of a bullish divergence continues to flash. The price could display massive price action before the end of the month, which may raise the price levels by more than 20% to 25%. Hence indicating the possibility of a trend reversal, sparking a fine upswing.
Apart from this, a couple of technical indicators are also pointing towards a bullish breakout and suggest that the price is at the tip of a massive explosion.
The crypto space appears to have ignited a panic button as the BTC price has dropped below $22,000. But in the longer time frame, diverse action is being witnessed that points out a surprising upswing before the end of the month. The stochastic RSI in the higher time frame is flashing a massive buy signal, considering that the price may leap in the coming days.
The StochRSI levels have crossed bullish after holding their trend within the oversold levels throughout 2022. Presently, with a slight upswing in the levels, the BTC price has recorded a more than 50% jump since the beginning of the year. Meanwhile, during the previous examples, the star crypto has surged by more than 150% and has also ranged up to 250%.
The bullish breakout of the StochRSI has kicked off a massively bull rally previously and hence a similar price action may be expected at the momentum.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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