Introduction:
As you know, Bitcoin recently reached its all-time high of around $73,650. After this impressive rally, we have seen a price correction and Bitcoin is currently fluctuating between $60,000 and $63,000.
Technical Analysis:
Currently, Bitcoin is trading below the 50-hour Simple Moving Average (SMA) which indicates weakness in the uptrend.
The RSI...
The major cycle is bullish, but the price is currently in a range-bound pattern.
The medium-term cycle is also bullish, and if the weekly candle closes above 1.50, it could turn all three cycles (major, medium, and minor) bullish.
The weekly RSI is below 70, and if the candle closes above the aforementioned level, the RSI is likely to enter the overbought zone,...
In the 4-hour time frame, we have an upward trend, and with the break of our trend line and then with the break of 0.949, which is the lower floor, we can open a short position and the price will move up to 0.075.
In the daily chart, we are in a box, and with the failure of 0.1120, we can apply for a long position, and with the failure of 0.755, we can apply for a short position.
In the weekly time frame, if the price can break 0.13, it can be bullish because the downward trend line has been broken, and when the 0.13 line is broken, it gives us an entry trigger.
