In the world of cryptocurrency, Bitcoin is reportedly gearing up for a significant rally, according to insights from a notable trader. Pseudonymous expert Dave the Wave has indicated to his 147,000 followers that Bitcoin may be on the brink of gaining substantial upward momentum.
What are the Key Resistance Levels?
Dave the Wave pointed out that Bitcoin could initiate a new parabolic rally if it breaks through the resistance level of $105,000. Should this barrier be cleared, the digital currency might soar to nearly $130,000 by May.
Are There Support Levels in Place?
The trader’s assessment reveals a support zone just beneath Bitcoin, around $92,000. Currently, Bitcoin is trading above this key resistance figure, sitting at $108,386.
Utilizing Fibonacci extension levels, Dave the Wave has suggested a prospective peak for Bitcoin could reach about $170,000. This Fibonacci tool is essential for traders as it aids in pinpointing possible entry and exit points for their investments.
– Possible breakout for Bitcoin, indicating immediate trading opportunities.
– Target of $130,000 and potential peak of $170,000 may encourage bullish sentiment.
– Current Ethereum price at $3,415, with a focus on support levels.
– Negative sentiment around Ethereum exists, but recovery is plausible if support holds.
With Bitcoin’s recent increase, it appears to be setting the stage for a possible breakout, creating potential opportunities for traders in both short- and long-term scenarios.
