Bitcoin ($BTC) and the Harmony blockchain project’s $ONE token are looking bullish after a minor bullback. The digital assets look to be rebounding from recent lows, but still have quite a way to go before reattaining previous highs.
The cryptocurrency market’s SNP500, Bitcoin, as well as Harmony’s $ONE appear to be returning to bullish form, following a sting of bearish momentum, after sending weeks in the price action doldrums (ranging prices.) On the back of earning Legal Tender status, along with the locking in of the progenitor digital asset’s Taproot protocol upgrade, Bitcoin seems to be looking to challenge previous price highs.
$BTC
Having recently reawakened from a sharp, and painful, 21% dip – from $36,6k – this past week, $BTC recovered 24% over day and a half, to settle at $38,4k. This is where BTC’s price had climbed to before a minor pullback sent prices plummeting to the 61.8% Fib level (circa-$34,74k.)
The price bounced off this level, before – not quite – retesting it in a move that formed a W-shaped bottom at $37,76k. In the past four hours, bitcoin has climbed 2% and looks to be reatempring the next immediate resistance level, $37,400.
The RSI has just peaked over the overbought boundary, indicating that an upward move has some strength to it. Looking at the Ichimoku Cloud for clues, Senkou Span A – though below Senkou B – has just turned upwards. The Chikou span seems to be bisecting the Kijun, which has just turned flat. Price action may soon break above the cloud, but Tenkan, crossing over Kijun will offer more confidence in that occurring – as it is (at time of writing) running parallel to the Kijun.
$ONE
Following a 37% drop over the past 9 days, Harmony’s $ONE token is up 11% over the past 20-odd hours. Currently valued at $0.079059, the asset is currently attempting to bounce back from a break below the $0.079124 resistance level.
Should that occur, Harmony $ONE’s next key resistance level will be at the $0.09 mark. With Senkou B having turned flat, and Senkou A looking as though it is rising to cross over it, the $0.079124 level may soon become a key support level.
The Tenkan line seems to be rising sharply to rejoin the Kijun line, which may support this hypothesis. The RSI indicates that there is a good amount of strength in the move, as it has just entered the overbought position.
