Lately, Bitcoin is in a big bullish moment, but that moment may be coming to an end. Between July 21 at 7:00 UTC and July 27 at 22:00 UTC, the price of Bitcoin literally skyrocketed within the parabolic curve illustrated below and this was followed by a timely break in the charts.
Bitcoin 1-hour chart
Until the flight, the bulls kept their hands (or hooves) on the steering wheel, while the bears were in the back seat. However, since then, there has been a power conflict between trends, since a continuous push and pull trend has led to the consolidation of the strip. From a price perspective, it is positive, as Bitcoin is sustaining itself in a higher range. However, another escape seemed imminent at the time of writing.
After the analysis, it is possible that Bitcoin will register another return from its support for $ 10,880, while again testing the range around $ 11,000. Subsequent resistance levels are $ 11,126, $ 11,258 and $ 11,369. In fact, the $ 11,126 resistance is likely to be found in the next 24 hours.
The Relative Strength Index (RSI) also suggests a reversal, reaching its support index mark at 40. As of now, bulls are likely to regain control in the short term. The MACD pointed to a downward trend at the time of this writing, due to the correction of the last 24 hours. However, the blue MACD line was approaching the red signal line once again to attempt a reversal.
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O.786 Fibonacci can handle it, but how long?
Now, between July 21 and July 30, the only Fibonacci setback to Bitcoin that was tested was 0.786. The 0.786 support line remained strong, but if the BTC fails to breach $ 11,417 in the next few days, it is unlikely to continue even further during the next correction period. Over the next week, there will be more clarity about the future of Bitcoin.
Bitcoin will go through a rally in the next 24 hours and the $ 11,126 resistance will be tested.