Summary
- Katie Stockton of Fairlead Strategies analyzed that Bitcoin could rise further if it breaks through $88,800.
- The current rise of Bitcoin is interpreted as a rebound based on the possibility of breaking through a specific technical resistance line.
- She added that it is advisable to consider a profit-taking strategy in the additional upward zone after breaking the resistance line.
On the 21st (local time), CNBC reported that Katie Stockton, founder of the cryptocurrency technical analysis firm Fairlead Strategies, analyzed that "Bitcoin (BTC) is currently above the 50-day moving average, and if it breaks through the key resistance zone of $88,200 to $88,800, further upward momentum could continue."
She explained, "This zone is a technical resistance line where the 200-day moving average and the Fibonacci retracement zone overlap, and the stochastic indicator on the weekly chart is reversing upwards from the oversold zone, indicating a high possibility of a breakout in the short term."
However, she added, "Since the stochastic on the monthly chart has reversed downwards from the overbought zone, the current upward trend is interpreted as a rebound under specific conditions," and "it is advisable to consider a profit-taking strategy in the additional upward zone that appears after breaking the resistance line."
Meanwhile, BTC is trading at $86,953.58, up 2.92% from the previous day, based on the Binance Tether (USDT) market as of 3:42 on the 22nd.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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