The Bitcoin price has recovered admirably but was helpless to break the resistance at the golden ratio. Is Bitcoin continuing its downward trend now?
Bitcoin price analysis- the 200-week EMA serves as a support
The 200 week EMA has successfully served as support. As expected, the Bitcoin price is currently struggling with the resistance between $ 6,391 – $ 6,907, which must be broken so that Bitcoin can target the upper limit of the Golden Ratio at $ 7,200. Bitcoin’s weekly candle will close in the night from Sunday to morning, in less than 36h. Until then, the Bitcoin price should break the 0.382 Fib level at $ 6,259, otherwise bearish price prospects would be very likely. However, since Bitcoin’s low prices were bought up immediately and the RSI is in a shallow range, there is still hope!
Bitcoin price analysis- Can Bitcoin close above the golden ratio?
In the monthly rate, the Bitcoin price should ideally close above the golden ratio at $ 7,200. Since there are only a few days left for the Bitcoin halving, this will be very exciting to watch. The Bitcoin price still has time to rise until Wednesday night; otherwise, this would also be very bearish if Bitcoin cannot reach the golden ratio.
Bitcoin price analysis- rejected at the golden ratio!
The Bitcoin price has so far been rejected precisely at the golden ratio, at the upper end of the horizontal resistance, between $ 6,391 – $ 6,907. The death cross is also still intact, which bearishly confirms the trend in the medium term.
Ultimately, 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