The Bitcoin price rose about 10% yesterday, having previously shown bearish tendencies and missed our second correction target by 2.6%.
Bitcoin Price is back on the 50-day EMA
Bitcoin Price Chart by Tradingview
The day before yesterday, the BTC price was still at around 20,700 USD and thus missed the second correction target of the golden ratio by around 2.6%. But then Bitcoin unexpectedly turned up yesterday to see a price increase of around 10% in less than 24 hours. Thus, Bitcoin reached its peak yesterday at the 50-day EMA at around 23,136 USD, and was rejected there already on the 50-day EMA.
In addition, at around $ 23,082, the 0.382 Fib level is also a significant resistance. If Bitcoin is rejected today, the second correction target of around $ 20,000 could still be reached.
However, the MACD is bullish on the daily chart, because the MACD lines remain crossed bullish, while the histogram of the MACD ticks bullish higher.
The 4H chart shows a golden crossover again
Bitcoin Price Chart by Tradingview
In the 4H chart, the EMAs could now cross bullish again and thus establish a golden crossover, which would confirm the trend in the short term. In addition, the MACD lines in the 4H chart are crossed bullish. However, the histogram of the MACD is already weakening.
The weekly MACD is still bullish
Bitcoin Price Chart by Tradingview
The weekly MACD remains strongly bullish, because the histogram of the MACD is now ticking bullish higher for the fourth week in a row and the MACD lines could soon cross bullish. Should Bitcoin break the 0.382 Fib resistance at around $20,082, Bitcoin could rise to the 200-week EMA at the Golden Ratio at around $26,800. This implies an upside potential of around 15%.
Bitcoin price should close above the 0.382 Fib level at around $23,000
Bitcoin Price Chart by Tradingview
In the monthly chart, however, the MACD is still clearly bearish, because the histogram ticks bearishly lower and the MACD lines remain bearishly crossed. The RSI is neutral.
There are only a few days left until the monthly candle closes. Ideally, Bitcoin should close above the 50-month EMA at around $25,712. However, Bitcoin should close at least above the 0.382 Fib level at around 23.082 USD, otherwise it looks rather bearish for the BTC price.
If Bitcoin continues its downward trend, it will probably penetrate deeper into the support zone between $ 14,000 and $ 20,000 to find a bottom there. For the chance that the $17,600 mark has marked the bottom, Bitcoin should not close the month too bearishly.
A monthly close below the 0.382 Fib level at around $23,082 would be more bearish.
Disclaimer
All information contained on our website is researched to the best of our knowledge and belief. The journalistic articles are for general information purposes only. Any action taken by the reader on the basis of the information found on our website is done exclusively at his own risk.
