Technical Analysis – BTCUSD Chart
Today we target Bitcoin in our weekly analysis:
Bitcoin has managed to climb from 30k USD all the way to 67k USD in just four months. Until a few days ago, it was diverging from the 50-day Moving Average, while the RSI moved into a strong, overbought region. Since then, Bitcoin has ranged between 60k and 64k USD. The MACD cross indicates that Bitcoin will most likely remain in this range, or potentially drop to the stronger support level of 53k USD. This would leave Bitcoin in a strong bullish standing, in which it could retrace to the 0.38 Fibonacci. If this takes a few days, it will probably bounce off the 50-day Moving Average, after which could rise steadily. In the most likely bullish scenario, we would see the price moving up from there and continuing on the price discovery rally we have been seeing. In any case, bulls should be very happy about the recent price development and the long-term outlook looks promising.
Good luck with your trades!
Today we target Bitcoin in our weekly analysis:
Bitcoin has managed to climb from 30k USD all the way to 67k USD in just four months. Until a few days ago, it was diverging from the 50-day Moving Average, while the RSI moved into a strong, overbought region. Since then, Bitcoin has ranged between 60k and 64k USD. The MACD cross indicates that Bitcoin will most likely remain in this range, or potentially drop to the stronger support level of 53k USD. This would leave Bitcoin in a strong bullish standing, in which it could retrace to the 0.38 Fibonacci. If this takes a few days, it will probably bounce off the 50-day Moving Average, after which could rise steadily. In the most likely bullish scenario, we would see the price moving up from there and continuing on the price discovery rally we have been seeing. In any case, bulls should be very happy about the recent price development and the long-term outlook looks promising.
Good luck with your trades!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.