.Bitcoin Price Analysis: Watch Out For These Levels – Bitcoin is in an uptrend and the bulls continue to buy the dips at the 20-day exponential moving average ($ 55,282). The long tail on today’s candlestick also indicates that the bulls are using the bottoms to accumulate.
The bulls will now try to increase the price from $ 60,000 to $ 61,825. If they are successful, the BTC / USD pair could begin the next leg of the uptrend, reaching $ 72,112.
Another possibility is that the price falls from the general resistance again and the pair remains in a narrow range. In such a situation, the next breakout will likely result in a strong trend move.
The only bearish trend seen on the chart is the negative divergence in the relative strength indicator (RSI). This bearish forecast could come into play after the price breaks and stays below the 20-day EMA.
In such a case, the pair could drop to the 50-day simple moving average ($ 49,497), which is a critical support to consider. A break below this level could challenge the $ 43,006 support.
The 4-hour chart shows the formation of a symmetrical triangle that often acts as a continuation pattern. The price has bounced off the triangle’s support line, showing that the bulls are defending this support.
If the bulls can push the price above the moving averages, the pair may try to move above the triangle’s resistance line again. In such a case, it is possible for the price to hit an all-time high of $ 61,825. Above this resistance, a break and closure can sustain the upward movement.
Alternatively, if the price falls off the moving averages, the bears will try to lower the price below the triangle. If they manage to do this, the pair could drop to $ 53,288 and then to $ 44,752.
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