Bitcoin Technical Outlook.
As Bitcoin keeps breaking new all time highs day by day, it’s impossible to tell where the price top will be located.
But what can we tell, is if Bitcoin is going to continue to push towards new highs, or rather see a correction to the downside.
As I've said in the previous analysis, the resistance levels, from where a tries from the bearish to push the price lower can be seen, are differentiated by a $5.000 levels, such as 30k and 35k and etc.
Now Bitcoin has found a resistance at $35.000, from a where a drop below $28.000 was seen, resulting in a 20% dip, which can be seen as a strong bullish retest of 20 daily EMA which acts a strong uptrend support.
So as long as Bitcoin is above daily 20 EMA, Bitcoin should remain in a strong uptrend.
Even if Bitcoin breaks below daily 20 EMA, there is still the 50 EMA which will be very tough to break below in this current strong uptrend
20 EMA is located currently at $26.600 and 50 EMA at $22.500, so a lot of room for a correction without impacting the overall uptrend.
MACD is very high, being overvalued by almost $3.000, but still on a second buying wave. MACD buying waves usually consists of three buying waves before any stronger correction or a sideways action for a while, so another buying wave is expected to be seen.
RSI shows no sign of exhaustion as it’s trending higher.
Key support is currently located at $30.000 while current resistance is located at $35.000, where the previous swing high is located.
But what can we tell, is if Bitcoin is going to continue to push towards new highs, or rather see a correction to the downside.
As I've said in the previous analysis, the resistance levels, from where a tries from the bearish to push the price lower can be seen, are differentiated by a $5.000 levels, such as 30k and 35k and etc.
Now Bitcoin has found a resistance at $35.000, from a where a drop below $28.000 was seen, resulting in a 20% dip, which can be seen as a strong bullish retest of 20 daily EMA which acts a strong uptrend support.
So as long as Bitcoin is above daily 20 EMA, Bitcoin should remain in a strong uptrend.
Even if Bitcoin breaks below daily 20 EMA, there is still the 50 EMA which will be very tough to break below in this current strong uptrend
20 EMA is located currently at $26.600 and 50 EMA at $22.500, so a lot of room for a correction without impacting the overall uptrend.
MACD is very high, being overvalued by almost $3.000, but still on a second buying wave. MACD buying waves usually consists of three buying waves before any stronger correction or a sideways action for a while, so another buying wave is expected to be seen.
RSI shows no sign of exhaustion as it’s trending higher.
Key support is currently located at $30.000 while current resistance is located at $35.000, where the previous swing high is located.
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