Bitcoin (BTC) Expected to Reach Above $45K in the Next 12 Hours
Analyst Cheeky Crypto recently shared insights on Bitcoin’s current trading range. He observed that Bitcoin is currently trading within a tight range, with support at the 50 EMA (Exponential Moving Average) and resistance at the 50 SMA (Simple Moving Average).
He also noted a drop in volume profiles during the ranging market, which led him to expect a small push up to $45,000 before a potential downward move.
Cheeky Crypto explained that based on the positioning on the stochastic RSI (Relative Strength Index), he anticipated a further move to the downside, with potential testing of the 50 EMA and additional support at the 200 EMA if the 50 EMA is breached.
Discussing potential breakout scenarios, Cheeky Crypto suggested the possibility of a move to the upside, targeting around $45,000. He described the current phase as a continuation pattern, indicating a likely breakout to the upside once the range is complete.
The analyst anticipated volatility and resistance around the $43,500 to $44,000 range, but outlined potential targets and fair value gaps that could be tested and filled during an upward movement.
Additionally, Cheeky Crypto examined various indicators across different time frames, including hourly, daily, and weekly. He highlighted key support and resistance levels and indicators, such as the stochastic RSI and the Relative Strength Index (RSI), to assess momentum and potential price movements.
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