Analyst Cheeky Crypto recently commented on the current status of Bitcoin's trading range. He noted that Bitcoin is currently trading in a tight range, with support at the 50 EMA (Exponential Moving Average) and resistance at the 50 SMA (Simple Moving Average).
He noted that volume profiles have fallen during the market volatility, making him confident of a small increase to $45,000 before any possible downward move.
Cheeky Crypto explained that he expects further downward movement based on positioning on the stochastic RSI (Relative Strength Index). He predicted that Bitcoin could retest the 50-EMA and said that the 200-EMA would be additional support if the 50-EMA is broken.
Looking at possible breakout scenarios, Cheeky Crypto discussed the possibility of an upward move with a target of around $45,000. He described the current phase as a continuation pattern and suggested an upward breakout was likely once the range is completed.
The analyst noted that while there could be volatility and resistance in the $43,500-$44,000 area, he expects a breakout situation. He outlined potential targets and fair value gaps that could be tested and closed during the upside.
Cheeky Crypto also examined various indicators across different time frames including hourly, daily and weekly. He pointed out key support and resistance levels and indicators such as Stochastic RSI and Relative Strength Index (RSI) to assess momentum and potential price movements.
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