- BTC’s price shows strength as it bounces from a downtrend range price rallied to a high of $20,800 with eyes set on $21,600.
- BTC could rally more as the price creates more bullish bias as the price builds more bullish momentum above $20,300.
- BTC’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
The price action displayed by Bitcoin (BTC) in the past few days has been nothing short of tremendous, creating a more bullish scenario across the crypto market. The crypto market is looking increasingly welcoming as many altcoins continue producing over 30% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.1 after the news broke out of Elon Musk taking over Twitter, considering he is referred to as DOGE father. This has affected DOGE positively. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart.
Bitcoin (BTC) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of BTC has enjoyed a measure of relief after showing so much strength on the weekly low, rallying to a high of $20,800.
Previous weeks have been nothing short of a tough and boring time for BTC price as price continued in its range movement around $19,000, leading to some altcoins losing their key support zone despite the market having low liquidity.
After its weekly close of above $19,500, the price of BTC rallied to a high of $20,300; the price has faced a minor rejection to break higher to a region of $20,500; the price struggled to break above this region as the price overcame to rally to $20,800.
The price of BTC has maintained its bullish structure above the $20,500 region, the price of BTC eyes a rally to a region of $21,600 which could prove to be very key in its price rally to $22,000. If the price of BTC fails to overcome $21,600, we could see the price drop to $20,500 or lower as support regions.
Weekly resistance for the price of BTC – $21,600.
Weekly Support for the price of BTC – $20,500.
Price Analysis Of BTC On The Daily (1D) Chart
In the daily timeframe, the price of BTC continues to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $20,800. ;
BTC currently trades at $20,750, just above its key Support formed at 20,300 after its successful breakout from a descending triangle. The price of BTC trades above the 50 EMA, and the 50 EMA corresponds to $19,800, which will act as Support for the future price decline.
The price of BTC is struggling to break and close above $21,200, which corresponds to the 32.8% Fibonacci retracement value (Fib Value); if the price breaks and closes, we could see the price rally to $22,500 at 61.8% Fib value.
Daily resistance for the BTC price – $21,600.
Daily Support for the BTC price – $20,300-$19,800.
32.8% Fib Value – $21,200
61.8% Fib Value – $22,500.
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