Bitcoin has just recently found support at 50 EMA and we expect this level to support to continue support the price. The current question is if Bitcoin is going to retest the 50 EMA once more, or the one test was enough for buyers to step in.
Let’s get some help from indicators.
RSI is pointing towards a bullish divergence, which is expected to bring a correction to the upside. Considering the strong daily uptrend, this correction may be just strong enough to start another bull run phase.
MACD selling pressure has bottomed in the corrective wave and now it’s a second day of faltering. This indication is pointing towards a change to a buying wave.
Forget about the silly Youtubers opinions, which change their outlook every day. The overall daily trend based on 20 and 50 EMA’s remains a strong uptrend actually, as the price is currently located above 20 EMA, while the 20 EMA is located above 50 EMA. A trend is more likely to continue than to change.
The trend line resistance, which Bitcoin has to break in order to start another bull run phase is located slightly above $56000 per Bitcoin. A break of all time high at $61844 will likely lead to extended gains to $75000 area. A pessimistic target would be at $65000 for the next run, as there is the trend of higher highs located.
Let’s get some help from indicators.
RSI is pointing towards a bullish divergence, which is expected to bring a correction to the upside. Considering the strong daily uptrend, this correction may be just strong enough to start another bull run phase.
MACD selling pressure has bottomed in the corrective wave and now it’s a second day of faltering. This indication is pointing towards a change to a buying wave.
Forget about the silly Youtubers opinions, which change their outlook every day. The overall daily trend based on 20 and 50 EMA’s remains a strong uptrend actually, as the price is currently located above 20 EMA, while the 20 EMA is located above 50 EMA. A trend is more likely to continue than to change.
The trend line resistance, which Bitcoin has to break in order to start another bull run phase is located slightly above $56000 per Bitcoin. A break of all time high at $61844 will likely lead to extended gains to $75000 area. A pessimistic target would be at $65000 for the next run, as there is the trend of higher highs located.
