According to the previous article reported by Blockfinest, Bitcoin along with altcoins faced a sudden drop and most of the coins seemed to be supported at their major supports.
So today, as Bitcoin currently hanging around the $40,000 zone it confirmed the Bitcoin’s major support is triggered and now the market is looking for a possible reversal.
However, at the peak of the chart, it completely formed the head and shoulders pattern as I mentioned in the previous article which means this chart is still in a downtrend. But in the next few days, if we see the market continuously consolidating above the $40,000 mark, it would be a sign for a new All-time high.
In my opinion, as long as the market stays above $40,000, there’s a high possibility to get reversed along with altcoins. In the previous article, I mentioned how the RSI indicator (bottom of the chart) showed signs in historical data. No doubt it worked exactly what it should this time too.
Tested 30 RSI (day) once and broken. It resulted in BTC pushing upwards to $40,000. This keeps buyers active at support levels.
And also Bitcoin returned above the 200-day moving average as shown in the graph which is also a good reversal factor. No one knows what would happen, Let’s see.