Bitcoin price is holding the $27,000 level as support, a potential step forward for altcoin traders who look for BTC consolidation before opening new positions.
) dipped below the moving averages on May 31 but the bulls purchased at lower levels as seen from the long tail on the day’s candlestick.Buyers propelled the price above the overhead obstacle at $95 on June 1 but they haven’t achieved a close above it yet. If they do that, the LTC/USDT pair could rise to the resistance line of the symmetrical triangle pattern.
If the price turns down sharply from the resistance line, it will suggest that the pair may continue to oscillate inside the triangle for some more time. On the other hand, a break and close above the triangle will indicate the start of a new uptrend. The pair could first reach $115 and then start its march toward the pattern target of $142.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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