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Bitcoin price shows bullish divergence in RSI



 It looks like the Bitcoin price will return to USD 43,000. Once there, BTC could bounce violently upwards!


Bitcoin price builds bullish divergence in the RSI

Most recently, the Bitcoin price was bearishly rejected at around USD 48,000 on the 50-4H-EMA. However, it is currently building a bullish divergence in the RSI. This could continue to expand as Bitcoin returns to golden ratio support at around $ 43,000. Once there, Bitcoin could bounce violently upwards again. Then Bitcoin finds significant Fibonacci resistance at around USD 53,000, which must be overcome so that Bitcoin can end the correction phase. However, this will only really end when Bitcoin overcomes the golden ratio at around USD 59,000.


The 200-day EMA acts as a resistance for the Bitcoin price

The 200-day EMA also acts as a resistance in the daily rate. This is around 50,000 USD and the BTC rate was strongly rejected because of this. The MACD, on the other hand, is more bullish: the histogram is ticking bullishly higher while MACD lines could soon cross bullishly. In addition, the 50-day EMA runs through the important Fibonacci resistance at around USD 53,000, which acts as an additional resistance.


43,000 USD as the main support for the BTC course


The support at around USD 43,000 can be seen as the most important support for the Bitcoin course, as Bitcoin not only has the chance to rebound very strongly there, but breaking it could also have fatal consequences for the BTC course. At the USD 43,000 support, the 50-week EMA and 0.382 Fib level also run. Should this massive support be broken, this would be a bearish sign for the Bitcoin price. Then Bitcoin would very likely return to the USD 30,000 mark.


$ 30,000 in support as a last resort for a bull trend

And that is exactly where the problem lies. The USD 30,000 support is the last Fibonacci support waiting for the BTC rate. Once there, Bitcoin has to bounce bullishly in order to preserve its chances of a bullish trend change. Should Bitcoin fall below USD 30,000, Bitcoin's trend is clearly bearish and Bitcoin changes from a bull market to a bear market, which would bear a bearish burden on the entire crypto market. Then Bitcoin could also drop back to USD 20,000.


In order to save speculation at the USD 30,000 mark as to whether Bitcoin's bull trend is over and it is now switching to a longer-lasting bear market, Bitcoin should ideally not even fall below USD 43,000. Because if this support holds up successfully, Bitcoin could very soon be back to around USD 70,000 or higher. That makes the USD 43,000 the most important support for the BTC course.

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