Bitcoin is on the verge of a 34% rally as technicals signal risk-on mode for cryptocurrencies, Fairlead's Katie Stockton says

Bitcoin is on the verge of a 34% rally as technicals signal risk-on mode for cryptocurrencies, Fairlead’s Katie Stockton says

3 August 2021

in DOT

Reading Time: 2 mins read

Bitcoin could surge 34% from current levels as technicals signal a risk-on environment for the cryptocurrency market, according to Fairlead Strategies’ Katie Stockton.
Stockton expects bitcoin to consolidate its recent gains for the next one to two weeks before moving higher.
“Bitcoin is likely to clear $42,600 for a revised upside target of a secondary fibonacci retracement level near $51,000,” Stockton said.
Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin could be on the verge of further upside as technicals signal a risk-on environment for the cryptocurrency market, Fairlead Strategies’ Katie Stockton said in a note on Monday.

Stockton sees bitcoin ultimately jumping to $51,000, representing potential upside of 34% from current levels, following a consolidation of its recent gains. Bitcoin jumped more than 40% since its July low of about $30,000 before it topped out at resistance near $42,600.

Polkadot Price Likely to Crash xx% Despite Recent Protocol Upgrade

30 July 2024

Here’s Why UNI and Polkadot (DOT) Holders Are Flocking To Rollblock

28 July 2024

“We expect the pullback to mature in 1-2 weeks near the 50-day moving average (~$34,800), after which bitcoin is likely to clear $42,600 for a revised upside target of a secondary fibonacci retracement level near $51,000,” Stockton said.
In technical analysis, traders use the fibonacci retracement tool to help identify levels of support and resistance that a security might encounter during a sell-off or rally. The tool is applied to a high and low in a security’s price and then based on the Fibonacci “golden ratio,” which focuses on the 61.8%, 50%, 38.2%, and 23.6% levels.

[crypto-donation-box]

Stockton observed that long-term momentum remains positive for bitcoin, and a loss in medium-term downside momentum sets bitcoin up well for further upside.

Additionally, bitcoin’s loss of relative strength versus ether signals “a potential switch to risk-on environment within the cryptocurrency space,” Stockton said. Ether has soared as much as 57% since its mid-July low.

Credit: Source link