The Bitcoin halving is only 2 days and 15 hours away and the Bitcoin price has touched the $10,000 mark. Every investor has plans and strategies. one can say that after reaching 10k zone some investors are seeking to hold more BTC where some are trying to keep on the safer side. The following is the Fear and Greed Index of Bitcoin
Bitcoin Price Analysis- Strong Resistance Zone!
Bitcoin is in horizontal resistance between $9,200-10,500, where the golden ratio marks the last high at $10,500 and serves as the key resistance. Once broken, the Bitcoin price bullishly breaks out of the neutral triangle’s price pattern and moves to the golden ratio at $13,800. However, a reset could occur in the short term. That is why we are now looking at both scenarios, the bear scenario, and the bull scenario.
Bitcoin price analysis- What’s Next?
The Bitcoin price was able to reach the $10,000 mark but was very strongly rejected at this level. Now, if the Bitcoin price finds support at $9,443 or $9,000 then the chances are very high that Bitcoin will break the resistance between $9,200 – $10,500 in the next few days to pave the way for a price increase to $13,800.
Even if Bitcoin only finds support at $8,800 or $8,350, the chances are that the upward trend will continue. If the Bitcoin price falls below the horizontal support between $7,800 – $8,400, the Bitcoin price will most likely move back to the $6,000 mark. This would be very bearish as the chances will increase that Bitcoin will not break out of the price pattern bullishly but bearishly. If the Bitcoin now initiates a very strong correction and this rise marks a local high, the Bitcoin price will form a “lower high”, which will bearishly confirm the trend.
Apart from that, the next supports are :
- $4,200 – $5,000
- $3,100 – $3,600
The RSI has reached overbought regions but has not formed a bearish divergence in the daily exchange rate. Instead, the EMAs are on the verge of a golden crossover, which can confirm the trend bullish in the medium term.
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Bitcoin price analysis- bearish divergence!
It is currently looking for a correction because the RSI shows a bearish divergence. Bitcoin should not correct more than to the 0.382 Fib level, at $ 7,616, otherwise, the Bitcoin price will most likely continue its downward trend. Now, Bitcoin only corrects up to $9,000 or $8,350. About halving in a few days, we expect very strong volatility for the Bitcoin price.