CandleFocus BTC Approaches Crucial Retest: Will the Tenkan Line Hold?
2024-10-23
Author: Content Editor
Bitcoin is currently retesting key technical indicators, specifically the Tenkan line and the lagging span. If Bitcoin can stay above the Tenkan line, there is potential for a buying frenzy and upward trend in prices. However, if the price cannot sustain above this level, further lowering may occur. The lagging span is also retesting a trendline, which has previously served as both support and resistance. If Bitcoin can bounce off this level, there may be more of an uptrend, but a breakdown could signify a bearish outlook. If Bitcoin fails to hold at the Tenkan line, analysts point to two critical levels of support: the trendline and the Kijun line. If Bitcoin leaves these lower levels, there could be a deeper retracement before another bounce.
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