Bitcoin Price Analysis- BTC Price rejected the golden ratio

The Bitcoin price has recovered admirably but was helpless to break the resistance at the golden ratio. Is Bitcoin continuing its downward trend now?

Bitcoin price analysis- the 200-week EMA serves as a support

Bitcoin Price
Bitcoin Price weekly rate –  trading view

The 200 week EMA has successfully served as support. As expected, the Bitcoin price is currently struggling with the resistance between  $ 6,391 – $ 6,907, which must be broken so that Bitcoin can target the upper limit of the Golden Ratio at $ 7,200. Bitcoin’s weekly candle will close in the night from Sunday to morning, in less than 36h. Until then, the Bitcoin price should break the 0.382 Fib level at $ 6,259, otherwise bearish price prospects would be very likely. However, since Bitcoin’s low prices were bought up immediately and the RSI is in a shallow range, there is still hope!

Bitcoin price analysis- Can Bitcoin close above the golden ratio?

In the monthly rate, the Bitcoin price should ideally close above the golden ratio at $ 7,200. Since there are only a few days left for the Bitcoin halving, this will be very exciting to watch. The Bitcoin price still has time to rise until Wednesday night; otherwise, this would also be very bearish if Bitcoin cannot reach the golden ratio.

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Bitcoin price analysis- rejected at the golden ratio!

The Bitcoin price has so far been rejected precisely at the golden ratio, at the upper end of the horizontal resistance, between $ 6,391 – $ 6,907. The death cross is also still intact, which bearishly confirms the trend in the medium term.

Ultimately, 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

Bitcoin price
Bitcoin price© Cryptoticker
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