Bitcoin’s price action has been edging closer to a final support level, which could easily see prices fall from $47,000 to $37,000. Meanwhile, HUH Token looks set for an upswing to test its all-time high.
Bitcoin (BTC)
Bitcoin’s price has spent the last twelve trading days testing its final support zone near the $47,000 value area. Bulls have grown increasingly nervous, because if this final support level is broken then BTC could easily fall to $37,000.
However, there has been significant buying and selling in the $47,000 to $49,000 price range. So much so that it is on the verge of establishing a new Volume Point Of Control for 2021 (previously set at $57,000).
Looking at the BTC 4-hour chart indicates the descending short-term trend line which needs to be broken in order for bullish sentiment to return. BTC’s price would have to close above this line on a 4-hour chart in order to confirm the bullish outlook.
BTC 4-Hour Chart according to TradingView
However, looking at BTC’s daily chart provides more bad news for bulls as the chart seems to be lining up for a huge head on shoulders pattern, which would indicate long-term downside for BTC and could drive the price as low as $30,000.
BTC Daily Chart according to TradingView
In this scenario, BTC would rally almost 20% in the short term before falling back down and breaking the major support level at $40,000.
HUH Token (HUH)
HUH Token is consolidating to its upward trend line around at $0.0001230 presenting an opportunity for side-lined buyers to get in before a potential 68% Upswing to $0.0002724.
HUH’s price has also dipped below its moving average and its stochastic has moved below its lower band and into the buy zone, indicating a bullish outlook.
Traders can expect HUH’s price to bounce off the upward trend line offering buyers a fresh opportunity to get in before the price swings up to test the first resistance level at $0.0002015. If HUH manages to break this barrier then the price could swing upwards to retest its all-time high at $0.0002724.
HUH 1-Hour Chart according to TradingView
If HUH Token’s price can break above its all-time high then traders can expect it to continue to move upwards and create new highs, with the Fibonacci extension level of 23.6% or $0.0003368 as the next target.
After launching on December 6, HUH Token surged over 4000%, breaking into PancakeSwap’s top 20 in its first week of trading.
With over 12 000 holders HUH has a market cap of over $160 million and its recent listing on popular indexes CoinMarketCap.com and CoinGecko.com has also helped push the price upwards.
HUH Token will also be listed on Bitforex on Monday, which could prove to be the impetus needed to take HUH’s price into new highs.
For more on HUH Token:
HUH Pay: https://huh.social/presale/index.html
Website: https://huh.social
CoinMarketCap: https://coinmarketcap.com/currencies/huh/
Telegram: https://t.me/HUHTOKEN
Twitter: https://twitter.com/HuhToken Instagram: https://www.instagram.com/huhToken/
