The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.

Bitcoin Price Analysis- Will BTC Price Overcome Fib Resistance?

The Bitcoin price tumbles between support and resistance. Is Bitcoin’s correction finally over? A few days ago, the Bitcoin price was displaying a downward path and confirmed a bearish trend. The MACD was in a strong downward movement and the […]

Bitcoin Price Analysis- Will BTC Price Overcome Fib Resistance?
|
2 min read
Share:

The Bitcoin price tumbles between support and resistance. Is Bitcoin’s correction finally over? A few days ago, the Bitcoin price was displaying a downward path and confirmed a bearish trend. The MACD was in a strong downward movement and the histogram was ticking lower. The BTC price tumbles between support and resistance. Is Bitcoin’s correction finally over?

Bitcoin price analysis- on Fib resistance!

Shared Image

Bitcoin found early support between $ 8,400 – $ 8,700. Since then, Bitcoin has attempted to break the 0.382 Fib level at $ 8971 but has so far been rejected. Now the Bitcoin price is on the way to test the Fib level a second time. If Bitcoin breaks the resistance at around $ 9000, the gates are open for a rise up to $ 9300 and then $ 9700.

The BTC price, as well as the RSI, make a “higher low”, which is positive. If Bitcoin breaks the resistances mentioned, it can touch the $11,200 mark not. Thus, our bullish price target remains unchanged at $ 11,200. In general, the bullish price targets can be divided into the following stages:

  • $ 9,300 – $ 9,700
  • $ 9,700 – $ 10,000
  • $ 11,200
  • $ 13,800

Bitcoin price analysis- support levels!

If the Bitcoin price is rejected again, it will find horizontal support at $8,400. BTC price falls below this level, it can touch the correction target of $7,800. This price level should absolutely hold so that Bitcoin’s medium-term trend remains bullish.

There was already a death cross in the 4H price, which is very bearish. However, this could change soon, after all, it is a 4H signal. In any case, the RSI is developing positively as it gains strength.

Bitcoin price analysis- bearish scenario!

If Bitcoin price maintains its bearish pattern then it will find its price targets in the following stages:

  • ± $ 7,800
  • ± $ 7,200
  • ± $ 6,400
  • ± $ 3,300

There is currently no reason to believe that the BTC price will maintain the bearish price pattern. Bearish price prospects only exist when a daily candle below $ 7,800 closes sustainably. Thus our target price of $ 11,200 is currently still intact.

Related articles

Which topics should we dive deeper into?

Select what genuinely interests you. Your picks feed directly into our editorial planning.

Crypto news that's actually worth your time.

Weekly. 60 seconds. Carefully curated by our editors: no hype, no promo flood, no spam.

Subscribe

More on this topic

View All

More from CryptoTicker