Bitcoin rate rises again after rebound

Bitcoin rate rises again after rebound

WARNING! Bitcoin Will Crash Again! When!? This MONTH!!

Contents

Bitcoin rate rises again after rebound
CONTENT

  • Bitcoin formed a hammer pattern on the weekly chart

  • Technical indicators on the daily chart remain bullish

  • Bitcoin may have started a new bullish wave

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Bitcoin (BTC) rate is approaching key resistance, a breakout of which will confirm an uptrend.

Technical indicators and wave analysis support bullish breakout.

Bitcoin rate rises again after rebound

The candlestick hammer on the weekly chart

Last week, Bitcoin formed a hammer pattern on a candlestick chart. Despite the bearish close, this pattern will confirm the status of the $ 10,100 level as support with a long bottom wick, which is a sign of buying pressure.

Technical indicators paint a favorable picture. RSI and Stochastic Oscillator are heading north, but have not yet reached the overbought zone.

BTC Chart by TradingView

Bitcoin rate rises again after rebound

The daily charts show that the price has already formed a rising low, followed by a bullish engulfing candle, but bitcoin has yet to break through strong resistance around $ 11,150.

This area, which previously served as support and turned into resistance on September 19, coincides with the downtrend resistance line from the August 17 high, which gives it additional significance..

A breakout of the $ 11,150 level and the downtrend line will confirm a bullish trend.

BTC Chart by TradingView

Downward resistance line

Technical indicators on daily charts paint a bullish picture.

  • Stochastic Oscillator has formed a bullish crossover
  • RSI exceeded 50
  • MACD almost reached positive territory

The transition of MACD into the green zone will be the last confirmation of the beginning of an uptrend.

BTC Chart by TradingView

The 6-hour charts are also bullish. After the initial pullback, bitcoin still exceeded the 0.618% Fibonacci retracement level and is now in the area of ​​the 0.786% retracement level.

Technical indicators are in favor of growth. RSI and MACD are rising, with the latter entering positive territory.

It is possible that the price will roll back to the $ 10,500 area, but the most likely scenario assumes that eventually Bitcoin will break through the $ 11,150 resistance.

Bitcoin rate rises again after rebound

BTC Chart by TradingView

Wave analysis

BTC’s last spurt could be the start of a bullish impulsive wave (orange on the chart) with subwave 1 completed.

It is possible that an impulse at the beginning of a longer-term wave 5 (black on the chart) will lead the quotes to $ 15,000.

In case of falling below the upward support line and the previous minimum of $ 10,138, the current wave analysis will lose its relevance. A decline below the high of wave 1 (red dotted line) at $ 9,485 will confirm that this wave analysis is no longer relevant..

BTC Chart by TradingView

On shorter-term charts, Bitcoin is in the process of completing the first minor sub-wave (blue) within the third wave (orange).

The three most likely targets for the completion of the last wave are at $ 12,180, $ 12,880 and $ 13,380, depending on its length. A more accurate target prediction will be possible after the completion of other sub-waves.

BTC Chart by TradingView

So, BTC has probably started a new upward movement, which could eventually send quotes to new ones. the highs of 2020. If the level of $ 10,138 is lost, this forecast will be questioned, and below $ 9,485 it will change to bearish at all.

The previous analysis of bitcoin can be read here.

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