Bitcoin soars to $22,000 with weekly close above $21,000
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Answer Bitcoin soars to $22,000 with weekly close above $21,000
Bitcoin price managed to make a decisive bullish close during the week of September 5-12, supporting the possibility that it may have started a bullish reversal.
Since June, Bitcoin has traded above the horizontal support area of $19,400.
This area is important because it previously acted as a strong resistance in December 2017.
Last week, Bitcoin rebounded impressively and created a long wick, which is a sign of buying pressure.
In addition, the price reached a decisive bullish close at $21826.
The fact that the high and the weekly close are so close together is considered a bullish sign, as sellers were not able to push the price lower.
Read:10 million bitcoins haven’t moved in over a year
Finally, the weekly RSI created a bullish divergence and moved out of the oversold and all-time low zone.
If the upward movement continues, the nearest resistance area will be at $29,425.
This is the 0.382 Fibonacci retracement resistance level of the latest part of the bearish move.
Next, the next resistance will be at $37,300, which is the 0.382 Fibonacci retracement resistance level (black) for the entire bearish move since the all-time high.
The daily chart shows that Bitcoin is on its way to creating a bearish candle (red icon in the chart shown below).
This occurs at the confluence of the resistance levels created by the 0.5-0.618 Fibonacci retracement resistance zone between $21,900 and $22,600 and the support line of the previous ascending parallel channel.
However, the daily RSI is bullish, as it just moved above the 50 line (the green icon in the above chart), which previously provided resistance.
Therefore, despite the bullish RSI, a recovery of the channel and therefore the 0.5-0.618 Fibonacci retracement resistance area is required for the trend to be considered bullish.
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