Bitcoin Price is displaying some positive signs of an upcoming bull run. The market seems to be calming down, and interest in Bitcoin is growing. Is Bitcoin going to break out now?
Bitcoin price analysis- bullish start
Bitcoin had a very bullish start to the week and is currently struggling again with resistance at the golden ratio, which is at $ 7,200. The 200 week EMA served as excellent support and the 0.382 Fib level was broken effortlessly. The RSI briefly reached oversold regions and has been on an upward trend ever since. Currently, the chances are good that Bitcoin will break the horizontal resistance between $ 6,400 – $ 6,900.
Bitcoin price analysis- the golden ratio!
Bitcoin is again trying to break the resistance of the golden ratio. If Bitcoin succeeds, the next significant resistance is waiting is at $ 7,800, because that’s where the golden ratio is. If Bitcoin breaks the golden ratio at $ 7,800, the bullish price can be expected.
Bitcoin price analysis- ascending triangle!
In the 4H chart, the Bitcoin price is in an ascending triangle, a bullish price pattern. So the chances are good that Bitcoin will now break out bullishly.
Finally, three key resistances are waiting for the Bitcoin price :
- $ 7,200 (Golden Ratio)
- $ 7,800 (Golden Ratio)
- 9,800 – $ 10,200 (0.382 Fib level)
However, if the Bitcoin price continues its downward trend, the following supports are waiting for it:
- $ 4,200 – $ 5,000
- $ 3,100 – $ 3,600