Bitcoin has been endeavoring to shift its trajectory from a downturn to an upswing. However, regardless of its efforts, the coin has remained on a downward development for a number of days following its incapacity to surpass its earlier all-time excessive of $73,833.
Will Bitcoin Continue Upward After This Rejection?
At the time of writing, the worth of BTC was buying and selling round $63,846 which was about 27% down from its all-time excessive and was up by 0.06% within the final 24 hours. Although the worth is buying and selling beneath the 100 Simple Moving Average (SMA) on the 4-hour chart, on the day by day chart it’s nonetheless buying and selling above the 100 SMA
Looking on the support and resistance strains within the beneath picture, it may be seen that the worth has tried to interrupt the help stage of $59,579 twice and has failed. The first time Bitcoin reached this stage, it pushed the worth upward to create a brand new all-time excessive. Thus, now that it has hit this stage once more, it’d push BTC even additional.
The circles within the picture point out the 2 factors:
Also, with the formation of the Relative Strength Index (RSI) within the picture, the indicator suggests an upward motion because the RSI sign line is seen trending barely above the 50% stage. This additionally means that patrons are nonetheless very energetic available in the market and in opposition to the sellers.
The MACD indicator from the 4-hour chart additionally means that BTC may transfer upward because the MACD histograms are trending above the zero line. Both the MACD line and the Signal line have crossed and are about to cross above the MACD zero line, indicating a bullish development, as seen within the beneath picture.
Possible Trend That Could Play Out
In different phrases, for the reason that value of Bitcoin is attempting the transfer upward, if it manages to interrupt above the minor resistance stage of $67,895.24, it’d start to maneuver towards its main resistance stage of $73,833.34. Furthermore, ought to costs surpass this stage, it’d even transfer additional to create a brand new all-time excessive.
On the opposite, if Bitcoin fails to maneuver above its earlier highs, it’d transfer downward towards its earlier help stage of $59,579.72. If it breaks beneath the zone, the worth may encounter a deeper correction to create a new low.
Featured picture from iStock, chart from Tradingview.com
