Bitcoin is expected to run on the bullish path after an unbelievable week. The Bitcoin Price USD has observed approximately 3% growth after starting from $8,715 (opening value) to $8,990. The 8990 was the intraday high. Most analysts are assured that this is a positive sign for Bitcoin to make a recovery above the $9,000 level.
Bitcoin Price USD forecast – at crucial resistance
The Bitcoin price USD has reached all-important resistance. The Goldenpocket was ignited and the MA200 can also be found in this zone. The resistance area is supplemented by the outer trend line of the large bullish flag. This area is the proof for the bulls. If the wave crosses this zone, the rally should continue, if the wave fails, then you can face a strong correction.
Bitcoin Price USD forecast – MOB The possible scenarios
The Bitcoin price USD has reached the MOB (make-or-break) zone. The chart shows us why this wave is so important here. If Bitcoin generates the breakout from the flag, we will get a price target of around USD 12,000. That would mean that the rally can continue. However, this price target would also mean the end of consolidation. From a purely technical point of view, this would be a very positive sign, also for possible price targets above USD 12,000.
For a successful breakout, it will be necessary to generate a daily close well above USD 9123. On the other hand, if the flag break fails, the bears are likely to strike again. Then there is a greater likelihood that Bitcoin will continue to run normally in the flag. A possible target price of this renewed correction can be found at USD 5,000. The possible bandwidth is extremely large and thus illustrates the importance of this zone!
Bitcoin Price USD forecast – monthly chart
When looking at the monthly chart of the Bitcoin price, it is obvious that this month’s candle is the largest. This is the bullish candle of the past 7 months. However, one must note that this candle has not yet closed. Therefore, this is a very weak indication of rising prices.
However, this symbolizes at least that the correction of the last upswing might have come to an end, after all, it also jumped the golden ratio, which is usually followed by an upswing. In terms of charts, everything looks very much like Bitcoin is heading towards $ 9,700. Once there, the psychological level of the $ 10,000 mark could be examined. Before that, the Bitcoin price must overcome the resistance at $ 9,100. If Bitcoin fails to pass it, it will find strong support at $ 6,000 – $ 6,500. If it breaks, BTC will find support at $ 5,000-5,400.
The MACD’s histogram is still bearish at first, but this could change over the month. After all, not much is missing and the histogram changes from red to green.
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