Bitcoin is currently having some problems to break above $60000, as a break above this level could easily lead to new all time high, or at least reach the previous all time high at $61844.
Bitcoin is still in a bull run phase and is currently located in a flag formation with resistance at $60000 and support at $57000.
Still a break below $57000 will lead to a retest of 50 daily EMA which is located at $53000, this is where we expect the dips to be capped, an ideal buy position.
So we are really looking at two scenarios only, depending on which level will be broken.
Indicators, indicators where is the price of Bitcoin headed?
Relative demand indicator RSI has failed to break above 60 few times. The 60 level is identical as $60000. It’s interesting how 60 and 40 usually represent some strong resistance or support levels. On the same page, a break below 50 EMA would mean a break below 40 RSI.
Conclusion to RSI is that we’ve look for a move lower.
MACD failed to give a buy signal twice and bearish wave is currently extending. We look for this selling wave to continue.
Overall daily trend is a strong uptrend as the price of Bitcoin is still above 20 EMA. However a break below this 20 EMA will lead to extended losses to 50 EMA.
So what’s next based on this analysis?
Current price action is suggesting a drop below $57000 that would lead to extended losses to $53000 where a support will be found.
Bitcoin is still in a bull run phase and is currently located in a flag formation with resistance at $60000 and support at $57000.
Still a break below $57000 will lead to a retest of 50 daily EMA which is located at $53000, this is where we expect the dips to be capped, an ideal buy position.
So we are really looking at two scenarios only, depending on which level will be broken.
Indicators, indicators where is the price of Bitcoin headed?
Relative demand indicator RSI has failed to break above 60 few times. The 60 level is identical as $60000. It’s interesting how 60 and 40 usually represent some strong resistance or support levels. On the same page, a break below 50 EMA would mean a break below 40 RSI.
Conclusion to RSI is that we’ve look for a move lower.
MACD failed to give a buy signal twice and bearish wave is currently extending. We look for this selling wave to continue.
Overall daily trend is a strong uptrend as the price of Bitcoin is still above 20 EMA. However a break below this 20 EMA will lead to extended losses to 50 EMA.
So what’s next based on this analysis?
Current price action is suggesting a drop below $57000 that would lead to extended losses to $53000 where a support will be found.
