If the Bitcoin price closes above $ 21,100 today, it could rise to around $ 23,000 next week.
Bitcoin Price Seems to Break Golden Ratio Resistance at $21,100
Bitcoin Price Chart by Tradingview
After the Bitcoin price closed yesterday under the Golden Ratio at around 21.100 USD, Bitcoin seems to break this resistance today. Should Bitcoin close above $21,100 today, Bitcoin could rise to the next Fibonacci resistance at around $23,000. However, horizontal resistance is already waiting at around $ 22,400.
In addition, the MACD is clearly bullish on the daily chart, because the histogram ticks bullish higher and the MACD lines are crossed bullish. The RSI is neutral.
Also in the weekly chart, the histogram ticks bullish higher
Bitcoin Price Chart by Tradingview
Also in the weekly chart, the histogram of the MACD has been ticking bullish higher since last week. However, the MACD lines are still bearishly crossed, while the RSI leaves oversold regions, but gives neither bullish nor bearish signals.
If Bitcoin breaks the 0.382 Fib level at around $23,000, the next significant Fib resistance is waiting at around $ 26,800. In addition, Bitcoin encounters the 50-week EMA there, which acts as additional resistance.
Bitcoin Price Must Break $50,000 Mark to Become Bullish
Bitcoin Price Chart by Tradingview
With regard to the bullish development this week, the chance that Bitcoin has found its bottom between 14,000 – 20,000 USD is currently increasing. After all, Bitcoin could rise sharply in the next few weeks to months, provided that Bitcoin breaks the 0.382 Fib level at around $23,000. Should Bitcoin even break the Golden Ratio at around $26,800, significant Fib resistance awaits at around $37,000.
Only when Bitcoin breaks the Golden Ratio bullish at around $ 50,000, Bitcoin can experience a new bull cycle. Because that would be the bullish reversal of the trend. However, the MACD is still bearish on the monthly chart, because the histogram continues to tick bearishly lower and the MACD lines are still crossed bearishly.
Crypto Market Is at a Key Resistance
Bitcoin Price Chart by Tradingview
The crypto market is in a parallel upward channel and is currently encountering significant resistance at the 0.382 Fib level at around USD 964 billion. There is also the trend line of the upward channel. If the market capitalization of the crypto market breaks the $ 964 billion mark, the crypto market could rise to the next Fib resistance at around $ 1.1 trillion.
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