Bitcoin’s recovery is going well, and the market is seemingly on the verge of creating a new all-time high in the short term. Technical Analysis By TradingRage The Daily Chart As the daily chart depicts, Bitcoin’s price has been rallying since it rose above the 200-day moving average. The market has also reclaimed the K and K levels and is moving toward the K resistance zone, which could be the last obstacle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could only be a matter of time. Source: TradingViewThe 4-Hour Chart Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the bearish trendline to the upside. The market has also broken through the K
Topics:
CryptoVizArt considers the following as important: Bitcoin (BTC) Price, BTC Analysis, BTCEUR, BTCGBP, btcusd, btcusdt
This could be interesting, too:
Mandy Williams writes Bitcoin ETFs Record Over .6B in Outflows in the Past 2 Weeks
Chayanika Deka writes Bitcoin Whales Offload 6,813 BTC as Selling Pressure Mounts
Wayne Jones writes Bitcoin Sentiment Hits 2022 Lows as Fear & Greed Index Falls to 10
Jordan Lyanchev writes Bitcoin Falls Below K for the First Time in 3 Months, How Much Lower Can It Go?
Bitcoin’s recovery is going well, and the market is seemingly on the verge of creating a new all-time high in the short term.
Technical Analysis
By TradingRage
The Daily Chart
As the daily chart depicts, Bitcoin’s price has been rallying since it rose above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving toward the $68K resistance zone, which could be the last obstacle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could only be a matter of time.
The 4-Hour Chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the bearish trendline to the upside. The market has also broken through the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying signal. The RSI is showing a clear bearish divergence between the recent price highs, which could indicate a correction or even a reversal in the short term.
