Bitcoin

Bitcoin price corrected lower and tested $59,500 against the US Dollar. BTC is recovering losses, but upsides might be capped above $63,250 in the near term. Bitcoin declined below the $63,200 and $62,000 support levels. The price is now trading below $62,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady increase if there is a close above the 100 hourly SMA and then $63,250. Bitcoin Price Faces Resistance Bitcoin price traded to a new all-time high near $66,982 before starting a downside correction. BTC corrected lower below the $65,000 and $63,250 support levels. There was also a break below the $62,000 support zone and the 100 hourly simple moving average. Finally, the price spiked below $60,000, but the bulls were active above the $59,500 level. A low is formed near $59,610 and the price is now consolidating losses. There was a recovery wave above the $60,500 and $61,000 levels. Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low. There was also a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair. The pair is now facing resistance near the $62,000 level and the 100 hourly SMA. A clear break above the $62,000 resistance could open the doors for a fresh increase. Source: BTCUSD on TradingView.com The next major resistance sits near the $63,250 level. It is near the 50% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low. Any more gains may possibly call open the doors for a move towards the $64,000 level. The next major resistance sits near the $65,000 level. More Losses In BTC? If bitcoin fails to clear the $63,250 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $61,200 level. The first major support is now forming near the $60,000 level. A break below the $60,000 support may possibly push the price towards the $58,000 support zone. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $61,200, followed by $60,000. Major Resistance Levels – $62,000, $62,500 and $63,250.

Bitcoin price has done it and made a higher high, setting a new all-time high record above $65,000 according to several exchanges and the TradingView BTCUSD Index. What exactly does this mean for the first-ever cryptocurrency and the current market cycle? Read on to find out. Bitcoin Price Sets New Record ATH Above $65,000 The number one ranked cryptocurrency by market cap has just set another major milestone, and proven to the market that the bull cycle isn’t yet finished. It also means that the April 2021 “top” was nothing more than a mid-cycle pullback before the coin reached its final destination target closer to $100,000 or higher. Related Reading | Bitcoin “Supertrend” Begins As Buy Signals Stack On All Major Timeframes Targets for the cryptocurrency reach as high as several hundred thousands per coin at the conclusion of this cycle. Future estimates have reached as much as $10 million per BTC based on the stock-to-flow model. The recent Bitcoin ETF approval ended any second guessing or speculation over whether or not the bull market had ended, or if a bear market had began. Bear markets don’t have dead cat bounces that lead to new all-time highs. The higher high also keeps the uptrend in tact by the pure definition of the term. There you have it, folks: A new all-time high is set. Where does it end? | Source: BTCUSD on TradingView.com BTC Back In Price Discovery, What Happens Next? Technicals have suggested this push higher was coming. The monthly Bitcoin RSI is back in the bull zone, and most other technical indicators are leaning bullish on high timeframes. What has thrown many market participants off, has been an overheated technical picture on the daily that is heavily dominated by the higher timeframe signals. Related Reading | Bitcoin Price Prepares To Blast Off Back Into RSI “Bull Zone” With no resistance above, the market will be less likely to sell or go short, because there is no telling how high Bitcoin price could go from here. Each successive peak will cause the same wide-sweeping question if the top is in, until it is. This could make for a final leg up that moves faster than most are expecting, with very few or limited pullbacks to buy in. What’s worse, is that the final leg of a bull run usually does mean a bear market is coming, and is due to arrive the moment the actual peak is in. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin is showing positive signs above the $57,000 level against the US Dollar. BTC could gain pace and it might even test the $60,000 resistance zone. Bitcoin started a fresh increase and it broke the $58,500 level. The price is now trading above $58,000 and the 100 hourly simple moving average. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue higher towards the $60,000 level in the near term. Bitcoin Price Remains In Uptrend Bitcoin price corrected a few points below the $58,000 level. However, downsides were limited below $57,000 and BTC started a fresh increase. The price traded as low as $56,888 and started a fresh increase. It surpassed the $57,500 and $58,000 resistance levels. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair. The pair is now trading above $58,000 and the 100 hourly simple moving average. It is now trading near the $59,000 zone. Besides, the price is testing the 1.236 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low. On the upside, an initial resistance is near the $59,500 level. The first key resistance is near the $59,650 level. It is near the 1.618 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low. Source: BTCUSD on TradingView.com A clear break above the $59,650 resistance could open the doors for more upsides. The next major resistance sits near the $60,000 level, above which the price might surge towards the $62,000 level in the near term. Dips Limited In BTC? If bitcoin fails to clear the $59,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,200 level. The first major support is now forming near the $58,000 level (the recent breakout zone). A downside break below the $58,000 level could spark a larger decline. The next major support is now near the $56,800 level and the 100 hourly SMA. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level. Major Support Levels – $58,200, followed by $58,000. Major Resistance Levels – $59,650, $60,000 and $62,000.

Bitcoin started a downside correction from the $55,700 zone against the US Dollar. BTC is correcting lower, but dips remain supported near $53,000 and $53,200. Bitcoin started a downside correction from well above the $55,500 level. The price is now trading above $53,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls are likely to remain active near $53,000. Bitcoin Price Corrects Lower Bitcoin price remained in a positive zone above the $52,000 resistance. BTC even broke the $55,000 resistance level and settled above the 100 hourly simple moving average. However, the price failed to continue higher above the $55,700 zone. A high was formed near $55,770 before there was a downside correction. The price corrected lower below the $55,200 support level. The price even traded below the 23.6% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high. There was also a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC/USD pair. An immediate support on the downside is near the $53,500 level. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $54,500 level. The first major resistance is near the $55,000 level, above which the price could accelerate higher. The next major resistance sits near the $55,500 level. Any more gains could set the pace for a move towards the $58,000 level. Dips Limited In BTC? If bitcoin fails to clear the $55,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $53,500 level. The first major support is now forming near the $53,100 level. The next major support is near the $53,000 level. It is near the 50% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high. Any more losses could open the doors for a move towards the $52,500 level. The next key support sits near the $52,000 level. Technical indicators: Hourly MACD – The MACD is now moving in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $53,500, followed by $53,000. Major Resistance Levels – $54,500, $55,000 and $55,500.

Bitcoin price this morning touched $50,000 – a feat that might have have made a bear market look a lot less likely. But bulls could be celebrating too early, and a max pain scenario of a symmetrical triangle few currently see could end up shaking up both bears and bulls in the days ahead. Here is a much closer look at the symmetrical triangle, what the corrective pattern suggests, and why bulls certainly aren’t out of the woods just yet. Downtrend Remains Unbroken, Symmetrical Triangle Possible Downtrends can be deceiving. They don’t always necessarily mean a bear market, and even if a downtrend line is broken, another one can form higher and prevent the reaction bulls are expecting. Related Reading | Could A Bitcoin Bull Flag Leave Bears Blindsided? For example, when Bitcoin broke out from bear market downtrend resistance, the early 2019 rally to $13,000 was the result. However, because of the new downtrend line created at that high, Bitcoin spent another full year and then some below the new downtrend resistance. There is still one more downtrend resistance to go before bulls are out of the woods | Source: BTCUSD on TradingView.com Assets often must clear three opposing trendlines for the primary trend to resume. This situation is happening now, but on much smaller time scales. Bitcoin price has made it through two downtrend lines, but one is left. Drawing a symmetrical support line provides the potential for the triangle that few technical analysts are talking about currently. Valid trendlines tend to have at least three touches, but the third touch could provide the final E-wave of a triangle corrective pattern during a bull market. The wave 4 correction could be an Elliott Wave triangle pattern | Source: BTCUSD on TradingView.com Bitcoin Price Corrective Wave Could Be Nearing Its End The E-wave could clear out any positions built at support around $40,000, crushing bulls who went all in on what they thought was a bull flag breakout. The move would also restore bearish exuberance, and push Bitcoin price back into the $30,000 range to suck in more short positions. Only then might Bitcoin price make it through the top downtrend line to continue higher. But it all depends on where the E-wave “terminates.” It is worth noting that a such a triangle during a bull market often leads to new highs. Related Reading | Bulls Regain Control Over Bitcoin Trend Strength: What To Expect An Elliott Wave corrective triangle will appear during a wave 2 or 4 of a motive wave, which represents the primary trend. An Elliott wave corrective triangle and its higher lows would keep the bull run structure in tact, and fit the Elliott Wave rule of wave alternation. If Bitcoin is in a motive wave, wave 5 should begin soon | Source: BTCUSD on TradingView.com This rule suggests that only one of the two corrective waves – wave 2 or 4 – will result in a sharp correction. The other would be a sideways correction lacking a lower low. Not only do corrective waves tend to alternate in overall severity, the patterns tend to switch. This means that if wave 2 was an Elliott Wave zig-zag, then wave 4 would be a flat, triangle, or other pattern. Eliott Wave Theory provides the roadmap for a trend. The roadmap continues to say until proven otherwise, that once wave 4 ends, wave 5 begins. But for now, bulls aren’t yet out of the woods and a sweep of lows could still be possible. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin price remained well bid above the $40,750 support against the US Dollar. BTC seems to be forming a bottom near $40,750 and it could start a strong rally. Bitcoin recovered above the $41,500 and $42,000 resistance levels. The price is now trading above $42,500 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher towards the $44,200 resistance zone in the near term. Bitcoin Price Gains Pace Bitcoin price remained strong above the $40,750 support level. As a result, BTC started a fresh increase above the $41,500 resistance level. There was a clear break above the $42,000 level and the 100 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $42,200 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement level of the key decline from the $44,325 swing high to $40,771 low. Bitcoin is now trading above $42,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $43,200 level. Source: BTCUSD on TradingView.com The first major resistance is near the $43,500 level. It is close to the 76.4% Fib retracement level of the key decline from the $44,325 swing high to $40,771 low. The next major resistance is near the $44,350 level, above which the price could accelerate higher. In the stated case, it could test the $45,500 resistance. Fresh Decline In BTC? If bitcoin fails to clear the $43,500 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $42,800 level. The first major support is now forming near the $42,500 level and the 100 hourly simple moving average. A break below the $42,500 level might push the price towards the $41,500 level. The main breakdown support is still near the $40,750 zone, below which there could be a sharp decline in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $42,500, followed by $41,500. Major Resistance Levels – $43,500, $44,350 and $45,500.

Bitcoin price corrected gains and moved above $45,000 against the US Dollar. BTC is now struggling to surpass $47,000 and it could start another decline. Bitcoin is facing a major resistance near $47,500 and $48,000 levels. The price is now trading well below $48,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline as long as it is trading below the $48,000 pivot level. Bitcoin Price Faces Hurdles Bitcoin price declined heavily towards $42,000 before it started a recovery. BTC was able to recover above the $43,500 and $45,000 resistance levels. The price even climbed above the 23.6% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low. The bulls even pushed the price above the $46,000 level. However, they faced sellers near the $47,450 level. It seems like the 50% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low acted as a resistance. There is also a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The pair is now trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. A close above the $47,500 level could start a decent increase in the near term. The next major hurdle for the bulls could be near the $48,500 zone. More Losses In BTC? If bitcoin fails to clear the $47,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $45,500 level. The first major support is near the $44,800 level. If there is a downside break below the $44,800 support zone, the price could extend its decline. In the stated case, the price could test the $43,000 support. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still below the 50 level, with a bearish angle. Major Support Levels – $45,500, followed by $44,800. Major Resistance Levels – $47,000, $47,500 and $48,500.

Bitcoin price failed to surpass the $49,000 resistance against the US Dollar. BTC is sliding and it could even break the $46,500 support zone. Bitcoin is slowly moving lower from the $49,000 resistance zone. The price is now trading well below $48,000 and the 100 hourly simple moving average. There was a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further lower if there is a break below the $46,500 support zone. Bitcoin Price Breaks Support Bitcoin price struggled to clear the $49,000 resistance zone and started a fresh decline. BTC traded below the $48,500 and $48,000 support levels to move into a short-term bearish zone. There was also a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair. The pair is now trading well below $48,000 and the 100 hourly simple moving average. It tested the $46,700 zone and it currently consolidating losses. An immediate resistance is near the $47,150 level. It is near the 23.6% Fib retracement level of the recent decline from the $48,736 swing high to $46,697 swing low. On the downside, the price is finding bids near the $46,700 level. Source: BTCUSD on TradingView.com The next key support is near the $46,500 zone. If there is a downside break below the $46,500 support zone, the price might continue to move down. The next major support is near the $46,200 level, below which the bears might even aim a test of $45,000. Fresh Increase In BTC? If bitcoin stays above the $46,500 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $47,150 level. The first major resistance is near the $47,750 level. It is close to the 50% Fib retracement level of the recent decline from the $48,736 swing high to $46,697 swing low. The main resistance is near the $48,250 level and the 100 hourly simple moving average. A clear break above the $48,250 level could set the pace for more gains. Technical indicators: Hourly MACD – The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level. Major Support Levels – $46,500, followed by $45,000. Major Resistance Levels – $47,750, $48,250 and $49,000.

Bitcoin price found support near $47,150 and started a fresh increase against the US Dollar. BTC must settle above the 100 hourly SMA to continue higher. Bitcoin extended its decline and tested the $47,200 support zone. The price is now trading near $48,800 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its increase if there is a clear break above $49,200 and the 100 hourly SMA. Bitcoin Price Regains Strength Bitcoin price started a steady decline below the $48,000 support. BTC even extended its decline below $47,500, but the bulls were active near $47,200. A low was formed near $47,165 and the price started a fresh increase. It broke the $48,000 and $48,500 resistance levels. There was a break above the 50% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low. Besides, there was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC/USD pair. The pair even tested the $49,200 resistance zone. Bitcoin is now trading near $48,800 and the 100 hourly simple moving average. The first major resistance is near the $49,200 level. It is close to the 61.8% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low. Source: BTCUSD on TradingView.com A clear break above the $49,200 resistance and a close above the 100 hourly SMA could open the doors for a steady increase. The next major stop for the bulls could be $50,000. Fresh Decline in BTC? If bitcoin fails to climb above the $49,200 resistance, it could start a fresh increase. On the downside, an immediate support is near the $48,500 level. The first key support is near the $48,000 level. If there is a downside break below the $48,000 level, the price could continue to move down. The next major support is near the $47,200 level. Any more losses could open the doors for a move towards the $46,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $48,500, followed by $48,000. Major Resistance Levels – $49,000, $49,200 and $50,000.

Bitcoin price traded to a new weekly low at $44,012 before recovering losses against the US Dollar. BTC is back above $47,000 and it may attempt to clear the $48,000 resistance. Bitcoin started a decent increase above the $45,500 and $46,000 resistance levels. The price is now trading above $46,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher if it clears the $48,000 resistance zone in the near term. Bitcoin Price Eyes More Upsides Bitcoin price extended its decline below the $44,200 support zone. However, BTC bulls were active above the $44,000 level. A low was formed near $44,012 before the price started a fresh increase. There was a steady rise above the $45,000 and $45,500 resistance levels. The price cleared the 50% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low. There was also a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $46,000 and the 100 hourly simple moving average. It is even trading above the 76.4% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $47,500 level. The first key resistance is near the $48,000 level and the last major swing high near $48,100. To continue higher, the price must clear the $48,000 resistance zone. The next major stop for the bulls could be $50,000. Dips Supported in BTC? If bitcoin fails to climb above the $48,000 and $48,100 resistance levels, it could start a downside correction. An initial support on the downside is near the $46,800 level. The first major support is now near the $46,500 zone. The next key support is now near the $46,000 level and the 100 hourly SMA. If there is a clear break below $46,000, the price could revisit the $45,000 support zone. Technical indicators: Hourly MACD – The MACD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level. Major Support Levels – $46,500, followed by $46,000. Major Resistance Levels – $47,500, $48,000 and $48,100.

Bitcoin price started a fresh increase from the $45,500 support against the US Dollar. BTC is likely to accelerate higher above the $48,000 resistance zone. Bitcoin is trading nicely above the $45,500 and $46,500 resistance levels. The price is now trading below $47,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $46,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to extend its increase above the main $48,000 resistance zone. Bitcoin Price Gains Momentum Bitcoin price remained well bid above the $45,500 support zone. BTC traded as low as $45,564 and it recently started a fresh increase above the $46,200 resistance level. There was a break above a connecting bearish trend line with resistance near $46,500 on the hourly chart of the BTC/USD pair. The pair even cleared the 61.8% Fib retracement level of the downward move from the $48,150 swing high to $45,564 low. The pair is now trading below $47,000 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $48,150 swing high to $45,564 low. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $48,000 level. The next key resistance is near the $48,150 level. The current price action suggests that bitcoin price may soon clear the $48,150 high. In the stated scenario, the price is likely to accelerate higher. The next main resistance could be $50,000. Dips Limited in BTC? If bitcoin fails to climb above the $48,000 and $48,150 resistance levels, it could start a downside correction. An initial support on the downside is near the $47,000 level. The first major support is now near the $46,500 zone. The main support is now forming near the $46,250 level. There is also a major bullish trend line forming with support near $46,250 on the same chart. If the price fails to stay above the trend line support, it could move down towards the $45,500 support level. The next major support is near $44,500. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level. Major Support Levels – $46,250, followed by $45,500. Major Resistance Levels – $48,000, $48,150 and $50,000.