Bitcoin price bounces off the lower trend line of the ascending parallel channel, which is formed after drawing trendlines above and below three sets of higher highs and higher lows.
Doing so, will allow it to retest the 50-day SMA at $41,921, which coincides with the daily supply zone, extending from $43,981 to $41,921.
The third retest of the lower trend line has shown a bullish reaction – lead cryptocurrency BTC is recovering and influencing the rest of the market.
On the other hand, a daily candlestick close below the weekly support level at $2,541 will indicate a resurgence of selling pressure and invalidate the bullish thesis.
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Dogecoin price is traversing a popularly bullish pattern, a breakout from which, could result in explosive gains for early investors.
Zilliqa price showed a bullish impulse that pushed it massively over the last day.
Investors can expect BTC to slide lower and collect liquidity below a significant level before triggering a full-blown impulse move.
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