US Debt Crisis Averted: Stock Market Surges as White House and House Republicans Reach Accord
Bitcoin and Alternative Cryptocurrencies Show Signs of Short-Term Growth Amidst Tentative Agreement
Tue, 30 May 2023, 02:18 am UTC
The United States seems to be avoiding a disastrous debt collapse thanks to a tentative accord reached by the White House and House Republicans on May 27. This news has already sparked a surge in the U.S. stock market, indicating a possible resurgence.
The positive trend extends beyond Bitcoin (BTC) alone, as various alternative digital currencies are also showing signs of short-term growth. Sustaining this momentum at higher levels could pose a significant challenge for proponents of growth.
Bitcoin has encountered resistance between the 20-day moving average (MA) of $27,200 and the support line of the symmetrical triangle. This zone is expected to become a battleground between proponents of growth and skeptics.
If the price retreats from the upper zone, skeptics will attempt to push the price down to the critical support at $25,000. Growth proponents are likely to defend the range between the critical support and $24,000, as a breach below this level could trigger increased selling pressure. The BTC/USDT pair could then potentially drop to $20,000 or even $18,000.
Conversely, if buyers manage to overcome the upper obstacle and push the price back into the triangle, it will indicate strong buying during price dips. This increases the likelihood of breaking through the resistance line of the triangle. The pair could then potentially surge to $31,500.
The four-hour chart reveals that the pair is operating within a descending channel pattern, with skeptics striving to defend the resistance line. If the price declines from the current position but rebounds off the 20-day MA, it will indicate that price drops are being capitalized on.
Growth proponents will then attempt to push the price above the channel once again. If successful, the pair might initiate an upward trend towards $28,700. On the other hand, a break below the moving averages would suggest that the pair might continue to operate within the channel for a bit longer.
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