A Krown analyst’s market outlook has Bitcoin’s $79,000 support in the crosshairs for a possible test. The level is once again of interest as BTC goes through a period of correction; it was one put forward by the analyst earlier in the year.
Why the $79,000 Level Matters for Bitcoin
On the Krown channel, the analyst attributes the $79,000 support to the 55-day exponential moving average (EMA). In technical terms, the marker and the price are in close alignment at present, which lends the figure added significance for traders. This is not an afterthought: the analyst points out that on September 15 he forecasted this support and opined that Bitcoin would return to the zone in due course.
In the past, the $79,000 area has been something of a pivot for price action in Bitcoin. The Krown analyst sees it as a short-term focal point, with any holding or breach of the level likely to set the stage for BTC’s next big move.
Analyst’s Short-Term Outlook: Correction and Key Targets
For now, the view from Krown is that the correction underway could see prices gravitate toward the $79,000 support. One cannot be sure it will be put to the test right away, but the analyst considers it a realistic target for the foreseeable future. Such a move should not be read as a wholesale bearish reversal so much as an examination of sound technicals. How Bitcoin responds here may well dictate whether it consolidates for a time or gets back on an upswing.
Implications of a $79,000 Support Test
Traders and those with a longer horizon will find the prospect of a test at $79,000 significant. Should the EMA at $79,000 prove firm, the Krown analyst suggests it can be the basis for bullish momentum to reassert itself. A break below, on the other hand, might portend more downside. The analyst is clear that there is no timetable for these events, but their importance is high. It would be prudent for market participants to keep an eye on what transpires around the $79,000 mark, the outcome of which could be the deciding factor in the next move.
This article reflects the channel author’s opinion and is not investment advice.
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Source — Krown: https://www.youtube.com/watch?v=s3ZBxHD112M
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