The cryptocurrency market demonstrates historic achievements today, with Bitcoin at a new record and positive dynamics in other assets.
Bitcoin and Its Records
The cryptocurrency market has entered historic territory with Bitcoin (BTC) reaching a new high of $122,000. Ethereum (ETH) is also maintaining positive momentum, posting an 18% weekly gain.
FET Analysis and Harmonic Patterns
FET (Artificial Superintelligence Alliance) has risen by 4% today, extending its weekly gain to 10%. A Bearish Bat harmonic pattern is forming on FET's chart, suggesting potential strong price movement. This pattern starts at point X around $1.65, declines to A, rallies to B, and drops to C around $0.55. The current price is approaching the 200-day moving average, which often acts as a key resistance level.
FET's Outlook in the Market
If FET decisively breaks and holds above the 200-day moving average with increasing volume, it could confirm the ongoing bullish leg and lead to a potential 120% increase toward the $1.65 resistance zone. Conversely, a drop back below the key support level of $0.64 could invalidate the harmonic pattern.
The market is showing positive sentiment, and FET, due to its harmonic pattern, may be an interesting asset to watch closely in the coming days.
