The upcoming week is expected to be volatile due to the release of important economic data, the Ethereum Merge, Cardano’s Vasil upgrade and traders hoping that Bitcoin price has bottomed.
) broke above the overhead resistance of $13.45 on Sept. 8, indicating demand at higher levels. The next stiff resistance is at $20.30 which leaves room for a rally.However, before that, the bears will try to pull the price below the breakout level of $13.45. This is an important level to keep an eye on because a break and close below it will indicate that the recent breakout may have been a bull trap.
This positive view could invalidate in the near term if the price continues lower and plummets below the 20-EMA. If that happens, the pair could decline to the 50% Fibonacci retracement level of $14.36.ApeCoin rebounded strongly off the support at $4.17, indicating aggressive buying at lower levels. This suggests that the corrective phase could be ending, making it an interesting candidate for the short term.Buyers pushed the price above the 20-day EMA on Sept.
If the price turns down from the current level but rebounds off $5.30, it will suggest strong demand at lower levels. The bulls will then make another attempt to push the price above $5.83 and extend the recovery to $6.44.
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