Bitcoin Price is displaying some positive signs of an upcoming bull run. The market seems to be calming down, and interest in Bitcoin is growing. Is Bitcoin going to break out now?
Bitcoin price analysis- bullish start
Bitcoin had a very bullish start to the week and is currently struggling again with resistance at the golden ratio, which is at $ 7,200. The 200 week EMA served as excellent support and the 0.382 Fib level was broken effortlessly. The RSI briefly reached oversold regions and has been on an upward trend ever since. Currently, the chances are good that Bitcoin will break the horizontal resistance between $ 6,400 – $ 6,900.
Bitcoin price analysis- the golden ratio!
Bitcoin is again trying to break the resistance of the golden ratio. If Bitcoin succeeds, the next significant resistance is waiting is at $ 7,800, because that’s where the golden ratio is. If Bitcoin breaks the golden ratio at $ 7,800, the bullish price can be expected.
Bitcoin price analysis- ascending triangle!
In the 4H chart, the Bitcoin price is in an ascending triangle, a bullish price pattern. So the chances are good that Bitcoin will now break out bullishly.
Finally, three key resistances are waiting for the Bitcoin price :
- $ 7,200 (Golden Ratio)
- $ 7,800 (Golden Ratio)
- 9,800 – $ 10,200 (0.382 Fib level)
However, if the Bitcoin price continues its downward trend, the following supports are waiting for it:
- $ 4,200 – $ 5,000
- $ 3,100 – $ 3,600
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Bitcoin News
The Bitcoin price correction was compelled to arrive at some point. The important question is will this drop halt the …
Today we look closely at how Bitcoin might react in the short -term, and plan out two potential scenarios that …