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Bitcoin price starts the new week bullish

 


With an increase of around 5.5% today, the Bitcoin course starts the new week very bullish. The weekend was also very bullish for the BTC price, which Bitcoin seems to be following today. Bitcoin bounced off golden ratio support again on Thursday and Friday after days of sideways trading and showing bearish tendencies.


If Bitcoin now continues its upward movement, it will find the next significant resistance at the 0.382 Fib level at around USD 43,200. Bitcoin also encounters the 50-day EMA there, which serves as additional resistance. If Bitcoin breaks this resistance, it could rally to the golden ratio around $40,000. A little higher, at around USD 40,600, the 200-day EMA is also waiting for the BTC price, which acts as additional resistance.


Additionally, the MACD is clearly bullish on the daily chart as the histogram is ticking bullishly higher while the MACD lines are bullishly crossed. The RSI, on the other hand, is neutral.


What has to happen for the Bitcoin price to be back in the bull trend?

If Bitcoin breaks through the Golden Ratio support at around USD 26,000, significant support for BTC only waits between USD 14,000 and USD 20,000. However , should Bitcoin now break the Fibonacci resistances at around USD 34,200 and USD 40,000, it would have to break the resistances at around USD 43,000 and USD 56,000 to become clearly bullish again. Until then, Bitcoin is still in a correction phase.


The weekly MACD is still bearish, but the histogram is ticking bullishly higher so far. If it is still bullishly ticking higher as the new week ends, it would be a sign of a continuation of the bullish move.


In the monthly chart, the BTC price is still bearish

In contrast, there are still no bullish signals to be found in the monthly chart. Instead, the MACD histogram continues to tick bearishly lower while the MACD lines remain bearish crossovers.


The Bitcoin dominance is increasing very strongly

As of today, the Bitcoin dominance is also increasing very strongly. Previously, the Bitcoin dominance bounced off the support between 39 - 41%, but today the dominance is increasing particularly sharply. At around 52% and 61%, the next significant Fibonacci resistances await bitcoin dominance.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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