Briefly-
- Bitcoin has risen past the resistance area at $57,200.
- The leading coin managed to break out from its ascending channel.
- Bitcoin trades 5th wave of bullish impulse.
Bitcoin approaches its final resistance level as it stays $2,000 away from hitting the record high value. Though technical parameters retain bearishness, the wave count suggests that the dominance crypto near its upward move top.
The daily price chart indicated a bullish picture for Bitcoin as the asset overpowered the resistance zone at $57,200. Keep in mind that it is the last resistance level before the crypto records a new ATH. Also, the area is the 0.786 Fibonacci retracement resistance.
With that, bitcoin has no other resistances until it touches its ATH at $64,854, reached in 2021 April. Moreover, technical indicators print a bullish bias. The MACD, formed and short-term and long-term MAs, remain positive as it moves up. That indicates that the near-term trend moves quicker than the long-term one. That is a positive gesture for upward price trends.
Also read:The Relative Strength Index moved past the 70-level, suggesting a bullish momentum, though an incoming overbought case. That way, the daily price chart prints a bullish outlook.
Near-Term Movement
The 2-hour price chart indicates that Bitcoin broke out from an ascending parallel channel before rebounding from its resistance level. That shows that the resistance might serve as support. Moreover, technical indicators support trend continuation. The Resistance Strength Index is beyond 50, confirming a near-term bullish picture.
However, the Moving Average Convergence Divergence has formed a concealed bullish divergence. That suggests trend continuation. Therefore, the 2hr time frame readings show that Bitcoin might extend its upward trend in the near term.
BTC Wave Count
The near-term wave count shows that Bitcoin is inside bullish impulse’s 5th wave. It is the last level, and BTC is likely to see a retracement after. Also, the long-term wave remains bullish with possibilities of a retracement before BTC resumes its upsurges.
Using Fibonacci tools shows that BTC is near its rally’s top. Bitcoin might have its top in the $63,250 – $63,850 range, measured by projecting wave one’s 1.61 length and waves 1 to 3’s 0.618 lengths. Therefore, Bitcoin might reach its top soon, unless with extending waves.
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