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Bitcoin price rises 10% - can BTC reach USD 64,000?



The Bitcoin price dances between key Fibonacci support at around USD 53,500 and golden ratio resistance at USD 63,000. What's next


Since yesterday, the Bitcoin price has risen by around 10% - will the resistance follow a rejection?

Bitcoin shot up around 10% in the past 48 hours after Bitcoin price hit and bounced off key Fibonacci support at around USD 53,500. Now comes Bitcoin currently on the 50-day EMA resistance at approx 58,400 USD, which must be broken so that Bitcoin can reach the Golden Ratio resistance at around 64,000 dollars. If the golden ratio resistance is broken, Bitcoin's correction will be over and Bitcoin could move towards the ATH at USD 69,000 - or possibly above it. Then Bitcoin couldrise to the next Fib level at around USD 87,000. In the daily rate, the MACD also tends to be bullish, because the histogram is developing bullish upwards and the MACD lines could soon cross each other bullishly.


Bitcoin price bounced off the Fib support last week

Last week, Bitcoin bounced off the Fib support very strongly at around USD 53,500. Whether this is the final correction target, or whether it goes one floor lower for Bitcoin , will largely be decided this week and next. Because if the support is successful and Bitcoin breaks the 50-day EMA resistance and in the course of this, the resistance between 63,000 - 65,000 USD, Bitcoin could rise towards 87,000 USD or even 100,000 USD this year. However, should Bitcoin fall below the Fib support at USD 53,500, it will not find massive support again until around USD 43,000. At this point, Bitcoin hasexcellent chances to bounce off strongly. With a lot of supports converging there, this is definitely a "bottom contender" for Bitcoin's current correction cycle .


Death Cross on the 4H chart sets the tone


Basically, the Death Cross is still intact in the 4H course, which confirms the course bearishly for a short time. Should it convert to a golden crossover, this would be a very good sign of a bullish price development for Bitcoin . What is already very bullish, however, is the fact that the Fib level at USD 53,500 again offered massive support and made Bitcoin soar by around 10%. Nevertheless, the correction phase is only over when Bitcoin breaks a key resistance, which can be found at around USD 64,000 at the golden ratio.


So far, a very mild response to the massive bearish divergence

So far, the corrective move has been a very mild reaction to such a pronounced bearish divergence in the monthly chart. In addition, bearish and bullish forces have been very balanced so far in November. Whether the USD 53,500 mark the last correction low for this year, or whether we will still see the USD 43,000 mark, will take place next month. Bitcoin only has a few days until the year is over anyway. Should the monthly candle close above the Fib level at USD 53,500, this would definitely be a bullish sign.

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