Analyst Cheeky Crypto recently opened up about the current state of Bitcoin’s trading range. He noted that Bitcoin is currently trading within a tight range, with support at the 50 EMA (Exponential Moving Average) and resistance at the 50 SMA (Simple Moving Average).
He pointed out that volume profiles had been dropping during the ranging market, which gave him confidence in expecting a small push up to $45,000 before a potential downward move.
Cheeky Crypto explained that he anticipated a further move to the downside based on the positioning on the stochastic RSI (Relative Strength Index). He predicted that Bitcoin might test the 50 EMA again and said that the 200 EMA was additional support if the 50 EMA is breached.
Regarding potential breakout scenarios, Cheeky Crypto discussed the possibility of a move to the upside, targeting around $45,000. He described the current phase as a continuation pattern, suggesting that a breakout to the upside is likely once the range is completed.
The analyst indicated that while there might be volatility and resistance around the $43,500 to $44,000 range, he anticipated a breakout situation. He outlined potential targets and fair value gaps that could be tested and filled during the upward movement.
Cheeky Crypto also examined various indicators across different time frames, including hourly, daily, and weekly. He pointed out key support and resistance levels and indicators, such as the stochastic RSI and the Relative Strength Index (RSI) to assess momentum and potential price movements.