What a strong week for the crypto market! What a contrast to last week, as bitcoin, was on the verge of breaking the major support level at 29k. However, this week, the price shot up above 40k for the first time since June. The speed at which we reached 40k is really important as it indicates momentum has returned. However, can this bullish momentum last?
Here are the two main scenarios that could play out.
1. Bullish breakout.
Price will either shoot up with continued momentum or a slow breakout with a possible re-test before assuming off.
2. Re-test of the 29k major support level.
In this bearish scenario keep in mind that if we do go back down to test the 29k level for the fourth time, it's entirely possible that we may not hold it and break lower.
Here are the two main scenarios that could play out.
1. Bullish breakout.
Price will either shoot up with continued momentum or a slow breakout with a possible re-test before assuming off.
2. Re-test of the 29k major support level.
In this bearish scenario keep in mind that if we do go back down to test the 29k level for the fourth time, it's entirely possible that we may not hold it and break lower.