The risk-on sentiment clearly supports not only stock indices and commodities prices, but also cryptocurrencies. During Tuesday's session, Bitcoin jumped over 2.0%, while Ethereum is adding more than 5.0%. Smaller projects record even stronger gains- altcoins such as Solana or Gala, surged 20% and 40%, respectively!
However, the long-term technical situation on the Bitcoin chart still does not look good. Looking at the D1 interval, one can notice that the recent upward move is most likely only a correction within a main downtrend. The key resistance zone is located around $17600 - 18000 and break higher would indicate a potential shift of main sentiment. This zone is marked not only with the previous price reactions, but also by the EMA100 average. In addition, the upper limit of the descending channel can be found nearby. However, if the current momentum prevails and buyers manage to push the price above the aforementioned $17600 – 18000 zone, then next major resistance is not that far away - namely around $20,000.
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Bitcoin interval D1. Source: xStation5
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