Bitcoin recovering from the support line of the rising channel
Bitcoin has been moving in a broad rising channel on the weekly chart that started since the April's peak. Recently, the price bounced on the support line of the rising channel. This pullback came in line with the primary bullish trend as the 20-week EMA is still moving over the 50-week EMA, which indicating that the bull market is still intact.
The appreciation can resume in the coming sessions as the market seems to be trading out of the oversold waters according to the Williams %R and the IMI. Yet, the support line of the ascending channel is safely driving the price northwards. Hence, the bullish move is intact unless the bears press the price below that support line and the most recent trough around $33,000.
Currently, the price is testing the 38.2% Fibonacci retracement level as well as the 20-week EMA at $46,762 where the price has dropped last week. Should the bull run continue, the door would open for the resistance level at $52,500 and then the 61.8% Fibonacci retracement levels at $55,273. Additional gains from here would clear the way towards the tough resistance zone of $59,700 to all-time-highs in November 2021 at $69,000.
On contract, if the bears take the upper hat again, the price may seek initially support at $40,000 and then the support line of the rising channel and the most recent low near $33,000. Falling beneath $33,000, the spotlight will turn to the key support zone from $31,230 to $29,000 from January 2021.
Summarizing, the most recent trough in Bitcoin may live in the medium-term amid strengthening momentum signals, the upward trajectory could keep buying confidence intact, as long as the price holds above $33,000.
The appreciation can resume in the coming sessions as the market seems to be trading out of the oversold waters according to the Williams %R and the IMI. Yet, the support line of the ascending channel is safely driving the price northwards. Hence, the bullish move is intact unless the bears press the price below that support line and the most recent trough around $33,000.
Currently, the price is testing the 38.2% Fibonacci retracement level as well as the 20-week EMA at $46,762 where the price has dropped last week. Should the bull run continue, the door would open for the resistance level at $52,500 and then the 61.8% Fibonacci retracement levels at $55,273. Additional gains from here would clear the way towards the tough resistance zone of $59,700 to all-time-highs in November 2021 at $69,000.
On contract, if the bears take the upper hat again, the price may seek initially support at $40,000 and then the support line of the rising channel and the most recent low near $33,000. Falling beneath $33,000, the spotlight will turn to the key support zone from $31,230 to $29,000 from January 2021.
Summarizing, the most recent trough in Bitcoin may live in the medium-term amid strengthening momentum signals, the upward trajectory could keep buying confidence intact, as long as the price holds above $33,000.