The Bitcoin price has already been able to rise over 23% since it hit the low point at around $ 17,600. However, BTC remains far from the Fib level at around 23,300 USD.
Bitcoin price could already rise above 23%
Bitcoin Price Chart by Tradingview
After the Bitcoin price penetrated deeper into the support zone between 14,000 – 20,000 USD and reached around 17,600 USD, BTC was already able to bounce above 23%. However, the Bitcoin price is still around 7% below the first Fib resistance at around $ 23,300.
In addition, the histogram in the weekly chart is ticking bearishly lower and the MACD lines remain bearishly crossed. In any case, the BTC price is far from a bullish weekly candle formation, because for this Bitcoin would still have to rise above 24% today and close above $ 26,539.
In addition, Bitcoin encounters the important Golden Ratio resistance at around $ 27,000, through which the 200-week EMA passes, which also acts as resistance.
Can the Bitcoin price still reach the Fib resistance at around $ 23,300?
Bitcoin Price Chart by Tradingview
Basically, the BTC price is still on the way to the first Fib resistance at around $ 23,300. Nevertheless, Bitcoin is already beginning to weaken today, which is typical for a Sunday.
Should BTC correct now, significant fib supports are waiting for BTC at around $20,170 and $19,100. Otherwise, at around $ 23,300 and $ 27,000, the next significant Fib resistances are waiting for BTC.
Nevertheless, the MACD is still bullish on the daily chart. Thus, the MACD lines are crossed bullish and the histogram continues to tick bullish higher.
Can the Bitcoin price fall again to $ 3,800?
Bitcoin Price Chart by Tradingview
Basically, Bitcoin will only find significant support between $ 3,800 – $6,400 again if Bitcoin breaks the support between $14,000 – $20,000 bearishly.
If Bitcoin continues the downtrend, it will initially find strong support at $ 14,000 – $ 20,000, from which Bitcoin could bounce again. However, a return to this price region would be anything but bullish for Bitcoin, because Bitcoin already reached around $ 17,600 and could only bounce marginally off it.
In order to have chances of $ 17,600 marking the bottom, Bitcoin should at least rise to the golden ratio at around $ 27,000.
Crypto Market Capitalization Is On the Verge of Reaching Fib Resistance
Crypto Market Capitalization Chart by Tradingview
The market capitalization of the crypto market was able to bounce perfectly off the support at almost $ 766 billion, and then make its way to the 0.382 Fib level at around $ 980 billion. If the crypto market breaks this Fib resistance bullish, the market capitalization could even rise to around 1.11 trillion USD.
Otherwise, significant support is still waiting for the crypto market between 535 – 766 billion USD. However, the MACD is still clearly bullish on the daily chart, because the histogram ticks bullish higher and the MACD lines remain crossed bullish. So there is still upside potential in the short term.
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