The Bitcoin price is showing a strong positive signal at the end of the week. The signs are definitely on purchase and project the previous analysis out of hand. But is it still worth? The Bitcoin price is unpredictable but if you closely observe and analyze then you can definitely get something. Let’s take a look at it.
The Bitcoin Price defends the most important support!
If you closely observe the current situation of the crypto market then you will see that Bitcoin displayed recovery on Sunday. This recovery allowed other cryptocurrencies to show profits before Christmas. In the previous week, Bitcoin displayed the sluggish change within the scope of $7,000 to $7,245, BTC. For example, the $7,403 dealer gridlock region displayed the limit but BTC floated through $7,502 and $7,602.
Technical analysis can sometimes vary quickly. The biggest misconception is falling in love with a place as an analyst. Success also rests in the capacity to change one’s understanding if the chart makes that look sensible.
In the current situation, this seems more than appropriate. Already in the last analysis, we had said that if the Bitcoin price can break the $ 7363 mark with the closing price, this assumption (in this case further falling prices) is no longer valid.
Not only that this situation has now been reached, Bitcoin was also able to maintain the golden pocket (shown here by the green box) weekly. The price thus creates a massive buy signal which will most likely leave accurate traces on the chart in the next week! Because this level is the most effective support in the chart and can now be checked for the fourth week in a row. It is time for the traders to give up their position and recognize that no further lows can be created here at first.
How high can the Bitcoin price surge?
Given the current events, the chart technique enables the Bitcoin price to climb to about USD 9000 without further ado. From the current scene (current price – $ 7575) that would be an improvement of over 18%. However, there is some resistance on the way up, so massive resistance can be expected from a mark of approx. USD 8,600. This shows that if everything goes as per the analysis then there are chances of gaining 15% to 20%.
A small warning is also appropriate at this point. The overall situation is still slightly negative. Only when the Bitcoin price can break the 9000 USD mark, then only we can say that this current movement is in a positive direction.