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Bitcoin price weakens; Bitcoin dominance continues to rise

 


Although the Bitcoin price is currently showing bearish tendencies again, the Bitcoin dominance continues to increase. Previously, the Bitcoin dominance could bounce off the support between 39 - 41%.


With that, BTC dominance is now finding the next resistance at around 52%, where Bitcoin dominance hits the 0.382 Fib level. If Bitcoin breaks this resistance, it could rise to around 60% dominance as that is where Bitcoin meets golden ratio resistance.


In addition, the MACD in the weekly chart is clearly bullish, because the MACD lines are crossed bullishly and the histogram is ticking bullishly higher.


Bitcoin price returns to golden ratio support again

The Bitcoin price rose very strongly in just one day, which was followed by an equally strong sell-off, also in just one day. With that, Bitcoin returned from around USD 32,400 to golden ratio support at around USD 29,500. There, bitcoin initially bounced sharply to rise to the 0.382 Fib resistance at around $30,500. Once there, Bitcoin met with rejection, returning once again to golden ratio support around $29,500.


The four-day bull run would have continued at least to one of the Fib resistances to retain bullish momentum. The sharp sell-off that followed the bullish days is a bearish sign.


Finally, Bitcoin is poised to lose bullish momentum unless it bounces off the golden ratio support around $29,500 again. Then there is a high probability that BTC will return to the large golden ratio between USD 26,000 – 29,000.


Once there, bitcoin could either find a bottom and successfully hold above the support, or break out in a bearish direction to reach the next support between $14,000 - $20,000.


So, in order for the bullish impulse wave movement between May 28 – May 31 not to lose its bullish momentum, Bitcoin must not fall below the golden ratio at around USD 29,500.


In the daily chart, the MACD is ambiguous: The MACD lines are still bullishly crossed, but the histogram has been ticking bearishly lower for three days.


The Bitcoin price could end in a bearish mood this week

As the downward movement continues, the chance that Bitcoin will still close on a bullish note this week decreases. After all, Bitcoin would have to be at least above USD 29,455 on the night from Sunday to Monday in order not to form a red candle.


Regarding the high point around USD 32,400 this week, the Bitcoin bulls have been very strongly rejected this week.


However , if bitcoin can sustain above the golden ratio of $26,000-$29,000, there is no reason to believe that bitcoin will fall to $14,000-$20,000.


The MACD is also giving a bullish signal so far as the histogram could close bullish for the first time in eight weeks this week. However, the MACD lines remain unchanged as a bearish crossover.


For Bitcoin to have a chance of a new bull cycle, it must first break the Fibonacci resistances at around USD 30,500 and around USD 31,250. The next Fibonacci resistances are then waiting for the BTC price at USD 34,300, USD 40,000 - USD 42,000 and around USD 54,000.


Without a break in the golden ratio around USD 54,000, Bitcoin 's trend remains bearish and Bitcoin has no chance of a new bull run.


There are no bullish signals in the monthly chart

The monthly chart remains bearish. The MACD is not showing any signs of a bullish reversal, instead the MACD histogram is ticking bearish lower and the MACD lines remain bearish crossovers.


Still, there is still hope that Bitcoin has already found its bottom, unless it significantly undercuts the recent bottom around $26,000.


Because there is still a chance that Bitcoin will retest the golden ratio support between USD 26,000 – 29,000 in order to undercut it for a short time. Ie Bitcoin could form a slightly lower bottom to then catch up and initiate a trend change.


Basically, the Bitcoin price should stay above USD 26,000 to take the wind out of the sails of the chance of falling to USD 14,000 – 20,000.


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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