Bitcoin price analysis; The beginning of the upward trend depends on maintaining support for $ 42,000



Several indicators of technical analysis show that the price of bitcoin will begin to rise despite news of rising inflation and the possibility of a conflict between Russia and Ukraine.

According to the Kevin Telegraph, investors’ concerns about the US Federal Reserve’s measures to control inflation, along with news such as the possibility of a Russian-Ukrainian conflict, have caused fluctuations in the digital currency market.

The data shows that the price of bitcoin is in the range of nearly 44,000 dollars, which gives traders hope that the reverse, complete chart will start head to shoulder.

Bitcoin price analysis;  The beginning of the upward trend depends on maintaining support for $ 42,000
Bitcoin price chart (one day view of the bitcoin / Tetra market)

Below we consider the opinions of several prominent market analysts. They believe that the price of bitcoin will continue to rise, despite problems such as inflation in the United States and the war in Ukraine.

Predict the ascending return on price according to the equilibrium volume index

An analyst in the digital currency market on Twitter, called IncomeSharks, according to the Equilibrium Volume Index (OBV), while publishing the following chart, highlighted the upward return of the bitcoin price trend.

The balance sheet volume index is an inertial technical indicator that uses volume flow to predict changes in asset prices.

Bitcoin price analysis;  The beginning of the upward trend depends on maintaining support for $ 42,000
Bitcoin Equilibrium Index (OBV) Chart (One-Day Bitcoin / Tetra Market Review)

The analyst added:

Many tell me that the reform is not yet complete; But the recent trend is higher than the last time the price rose from $ 30,000 to $ 60,000. Note the two price floors and the “V” model, such as the one formed in the chart. Pruning actions is just noise and people pay a lot of attention to Twitter’s analysis.

Uptrend provided $ 42,000 in support

Another analyst on Twitter, nicknamed CredibleCrypto, also showed that the price of bitcoin has the potential to rise by posting the following short chart.

Bitcoin price analysis;  The beginning of the upward trend depends on maintaining support for $ 42,000
Bitcoin price chart (one hour overview of the bitcoin / Tetra market)

The analyst added:

Strong jumps continue along with small adjustments. The trend in bitcoin prices is likely to continue as long as the $ 42,000 support is maintained in the short term.

Read also: Bitcoin price analysis: another jump or a return to the old floors?

Bitcoin price may rise by 25%

Finally, it is worth mentioning the opinion of Twitter analyst Caleb Fransen, who also takes into account the price impulse. He published the graph below, to which the “Williams% R” oscillator was added. This oscillator is an instantaneous indicator for measuring sales saturation levels.

Bitcoin price analysis;  The beginning of the upward trend depends on maintaining support for $ 42,000
Bitcoin price chart (weekly bitcoin / tetra market review) with Williams% R oscillator

Francis added:

When there is a complete fluctuation from the amount of saturation of sales to the amount of saturation with purchase; That is, impulse pressure occurs. The bitcoin price chart has tested this regime 6 times since January 2020.
After this weekly pressure, the average monthly return has reached 25%. The 4-week pulse pressure is now complete, as shown by the Williams% R oscillator. If bitcoin has a strong weekly closing price, I would be very optimistic about its upward trend.

The total market value of digital currencies has already reached $ 1.9999 trillion, with bitcoin maintaining a 42% dominant rate among digital currencies.

Bitcoin price analysis after publication; The beginning of the upward trend depends on maintaining the support of 42,000 dollars, which first appeared in the digital currency.

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