Bitcoin reached a local high of $ 41,300 on June 15, but then retreated from it. The maximum was noted within the $ 41,250 resistance area, which remains unbreakable for now.
BTC reached resistance
Bitcoin (BTC) hit a high of $ 41,330 yesterday and then pulled back slightly. This high was marked within the $ 41.250 resistance area represented by the 0.382 Fibo retracement level.
Despite the decline, the technical indicators remain firmly bullish. MACD has reached the green zone. The RSI and Stochastic Oscillator are rising, with the former holding above the 50 mark and the latter forming a bullish crossover. As such, it is highly likely that Bitcoin will eventually make a bullish breakout.
In this case, the next resistance will meet the pair at $ 44,755 (Fibo 0.5 retracement).
However, the shorter-term chart is showing signs of weakness.
The MACD and RSI indicators are going down. The former signals a bearish reversal and is close to crossing into the red zone, while the latter signals a bearish divergence.
If the BTC rate rolls back, the market may find a bottom around $ 38,000. Horizontal support and a potential upward support line pass here.
Gamefandto INTFROM. Source: TradingView
BTC Wave Analysis
The results of the wave analysis show that, most likely, we are dealing with a corrective ABC structure, contained within the parallel upward channel that has been present on the chart since May 19.
Around $ 43,950, the convergence of the target Fibonacci levels (red and black) is noted. In addition, the channel resistance line is also located here.
A break above this level would indicate that the price movement is impulsive rather than corrective.
Longer term analysis sees the rally in price as wave 4 (orange) of bearish momentum.
In this case, the rise in the direction of $ 43,950 will complete the retracement of the fourth wave, reaching the middle of the parallel channel (red circle).
As noted earlier, if Bitcoin kicks off a steady rise and rises above $ 47,005 (red line), it will be an indication that we are dealing with a bullish trend.
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