Can Bitcoin Reach $55,000? What About Hedera Hashgraph (HBAR)?

Can Bitcoin Reach $55,000? What About Hedera Hashgraph (HBAR)? — TradingView News

20 February 2024

in HBAR

Reading Time: 2 mins read

Key points:

Cheeky Crypto argues that BTC has support levels at $50,798 and $51,219.
The analyst anticipates a Bitcoin rebound, targeting prices in the $55k range.
However, he lacked confidence in HBAR’s ability to sustain its bullish trajectory.

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In a recent market analysis on the Cheeky Crypto YouTube channel, an analyst discussed the potential for Bitcoin to surpass the $55,000 threshold. He examined BTC’s candlestick patterns in the four-hour timeframe.

Following the examination, the analyst highlighted that Bitcoin now has a support level of around $51,219, considering BTC’s 50-day simple moving average. At the same time, he proposed that if the $51,219 support fails to endure, the focus could shift to the 50-day exponential moving average (50EMA). This 50EMA provides an additional support level for BTC at $50,798.

Besides, he identified the presence of a midlevel trend line, previously a resistance area that has now transformed into support. With these factors in play, the analyst anticipates a Bitcoin rebound. Specifically, the Cheeky Crypto presenter set his sights toward the $54,755 regions and beyond for BTC. Notably, Bitcoin currently hovers around $52,190.

Furthermore, considering the projected targets, the analyst noted that the trade opportunity is to open a long position for Bitcoin at its current market price. He urged viewers to set a step loss at the lower support threshold of $50,798.

Also, the analyst pointed out that this point offers a risk-reward ratio of approximately 1.87. Additionally, he cautioned against increasing the risk of being liquidated by lifting the stop-loss too high.

In a parallel analysis session, the analyst at the Cheeky Crypto channel assessed the potential for Hedera Hashgraph (HBAR) to sustain its bullish momentum. Notably, HBAR has surged by over 30%, moving from $0.08068 to $0.1171 over the past seven days.

Coin Edition

HBAR seven-day chart | CoinMarketCap

Considering HBAR’s recent bullish performance and a noticeable retracement, the analyst expressed a lack of confidence in the asset’s ability to sustain its bullish trajectory.

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