Is Bitcoin’s price correction completed?

Where is the price of Bitcoin headed? Does it continue to fluctuate in the range between $44,850 and just under $57,500? Will it fall lower or rise to a new all-time high? To answer this, in this technical analysis we look at the price on a weekly, daily, and 4-hourly basis.

If you want to find more details about the price of Bitcoin and if it will reach new highs, download for free the Born2Invest mobile app. Our companion app keeps its readers up to date with the latest economic news in the world, so they can stay on top of the market.

Bullish bitcoin price during the week

What makes a bullish trend and how do you recognize it? It is higher lows and higher highs. This is exactly what the price of price is currently showing in the weekly view. Since the Corona low, it went steeply uphill. Although with corrections and consolidations, but always in the bullish trend.

The key levels in the respective time frames can be identified as support zones. In the case of the price of Bitcoin, the next support zone is between the two key levels of $32,288 and $38,171 at the end of the candle close. By candlestick close because that is where the capital is.

The more in a price range was traded, the more support was found there. In the wicks orders were processed. In smaller time frames, a little capital can still lie there. However, for the large movements, this little capital would be no or little obstacle.

Strong resistance on a daily basis

The price of Bitcoin is currently rather neutral in the daily view. There is no clear trend. The last low was not undercut. The price of Bitcoin has also not yet been able to overcome the previous high.

A resistance zone has formed above the price. This extends from the daily key level at $50,360 to the key level at $51,601. For a bullish continuation, the Bitcoin price has to overcome this zone via Daily candlestick.

A bearish scenario would undercut the last low. Accordingly, the zone between Weekly Keylevel at $38,171 and Daily Keylevel at $40,665 would come into consideration as support.

No clean structure in the 4-hour chart

However, the deeper timeframe does not offer good entries at the moment either. Marked by range fluctuations, the Bitcoin price in the 4-hour chart does not allow for trend setups. And that is exactly what we want: a trend.

A trend increases the probability in which direction the price will continue to move. Accordingly, one aligns one’s position. However, since this is currently not the case in the 4-hour and daily charts, we will stay with the Bitcoin price on the sidelines for the time being.

__

(Featured image by geralt via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.