02 December 2021 11:08, UTC
Reading time: ~ 2 m
On the daily chart, you can see that Bitcoin has been rising since November 28, when it rebounded (green icon). The rebound took place directly above the $ 53,350 area (horizontal support and Fibo levels). As long as BTC is trading above it, the trend can be considered bullish.
Meanwhile, technical indicators have also started to give bullish signals.
The MACD has formed four consecutive rising momentum bars. This means that the short-term MA is growing faster than the long-term one.
The RSI, which is a momentum indicator, is also rising. This is also a good sign that momentum is gaining momentum. However, the RSI is still below the 50 mark, which is the border between the bullish and bearish trend. Only a rise above this level will confirm that BTC has completed the correction.
A source: TradingView
Short-term resistance for BTC
On the 6-hour timeframe, Bitcoin is still moving along the line of downtrend resistance. This situation has been maintained since November 10, when the price reached its all-time high.
The price has already bounced off this resistance (red icons) twice – on November 30 and December 1.
This line also coincides with the resistance area of $ 59 350 (Fibo 0.382 retracement level).
BTC should recover above this line, confirming the completion of the short-term correction.
As with the daily timeframe, technical indicators are also giving bullish signals, but have not yet confirmed the bullish trend.
Although the RSI is holding above the 50 mark, the MACD has not yet turned bullish.
On the hourly chart, Bitcoin bounced twice from the support formed by the 0.5 Fib retracement at $ 56,215 (green icons).
On December 1, BTC marked a slightly lower low relative to the November 30 level. This confirms the assumption that the short-term correction is likely to be completed, and now the market may try again to make a bullish breakout of the downward resistance line.
#Bitcoin #storm #resistance