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.
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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.
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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.
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