The Bitcoin price broke out bullishly and halving is due in two weeks! The BTC price is showing promising improvements. Can the Bitcoin price be stopped at all? If you closely observe the TradingView charts then one can say that the BTC price is on the way to touch $10000 mark.
Bitcoin price analysis- golden ratio split at $ 7,800!
The golden ratio at ± $ 7,800 was broken bullishly by the Bitcoin price and it is currently about to target the next resistance at $9,200. At $9,800, the significant 0.382 Fib level rests between two golden ratios, which indicate the upper and lower side of the horizontal value between $9,200 – $ 10,500.
Bitcoin will encounter strong resistance in this area, but breaking the golden ratio is remarkably bullish regarding the expected halving date. Bitcoin price is already supported at $ 7,800 – $ 8,200.
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Bitcoin price analysis- 7 bullish weeks in a row!
It’s been 7 bullish weeks in a row and yet the RSI is far from overbought in regions. So the chances are good that Bitcoin can finally switch to a new bull market and aim for new highs for 2020. Nevertheless, a short-term reset can be expected in the area of horizontal resistance between $ 9,200 – $ 10,500.
Apart from the support between $ 7,800 – $ 8,200, the next supports are :
- $ 6,400 – $ 6,900
- $ 6,000 mark
- $ 4,200 – $ 5,000
- $ 3,100 – $ 3,600
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Bitcoin price analysis- bullish engulfing candle in the monthly price!
There are only a few hours left until the monthly candle of Bitcoin closes. The monthly candle is currently above the closing value of the previous candle, which is why the current candle represents a “bullish engulfing candle”. However, this monthly candle must also close above $ 8,600 for the monthly candle to form a “bullish engulfing candle”, which would be extremely bullish. In terms of Bitcoin halving in 2 weeks, it could look very favorable for the Bitcoin price this year.