With the US stock market seemingly ignoring the conflict in the Middle East and hitting all-time highs, Bitcoin followed suit. The price of $BTC now remains strong above the crucial level of $80,000 and it looks like it could be heading higher. Is this the rally that changes the trend and pulls crypto out of the bear market?
BTC price holds crucial support: next stop $84,600?
source: TradingView
The short-term time frame shows how Bitcoin price in dollars She kept following Small ascending channel To the top. Not only did the price drive through the top of the bear flag, but the price also broke through where it was Critical resistance of $80,600Now turns this level into support.
The next resistance levels are not particularly strong until the price reaches $84,600, which marks the low point of the previous bear flag, and also where Continuing medical education gap It could be closed.
The next big hurdles to overcome
source: TradingView
The daily chart shows the next big hurdles in the bulls’ upward trajectory. This comes in the form of Bearish 200-day simple moving average (SMA)Horizontal resistance is at $84,600, and the 0.618 Fibonacci level is at $83,450.
The confluence of these barriers is expected to truly test the resolve of the bulls, especially given that… Bitcoin price in dollars It is starting to become overbought.
Fibonacci levels are taken from the top of the first bear flag to the bottom of the current bear flag. For the price to rise back to the 0.618 Fibonacci level would be a great level for the bulls to reach before the price starts to decline. However, if the bulls keep the accelerator on, the 0.786 Fibonacci level at $90,000 is likely to be the ultimate target of this rally.
Momentum is on the bulls’ side
source: TradingView
On the weekly time frame The $80,600 level remains resistance. We’ll need to wait until close on Sunday to find out Bitcoin price in dollars He was able to stay above this level. Until then, the next weekly candle will need to confirm this potential breakout.
Therefore, there is still a lot to play for, and although it is all fun and games on the lower time frames, it is the higher time frames where major moves are confirmed, or where they fail.
All this said, things are looking good so far as far as the bulls are concerned. Yes, there is a long way to go to get there $98,000 level It would change the trend and reignite the bull market, but a great start has been made. Breaking the bear flag to the upside is incredibly bullish, so if this is confirmed, it will add a significant amount of positive sentiment to this rally.
Momentum is on the bulls’ side. First, the Stochastic RSI is at the top of its range, and could bounce above the 80.00 level, as it did in the run-up to the all-time high. secondly, The MACD indicator shows a strong crossover of the blue indicator line above the red signal line. Each time this happened in this recent bull market, it resulted in significant price gains.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
