– BTC daily indicators show increased bulls, but near-term signals indicate weakness.
– Bitcoin resistance levels lies at $41,325 and $44,775.
– The support level lies at $38,000.
BTC extended its surge yesterday, producing another bullish candle.
The leading coin is in the Fib Retracement area around $41,325, a move that could result in a near-term pullback and rejection.
The Current BTC Increase
At the moment, BTC has its daily chart on a bullish attitude. That led to an engulfing bullish candlestick on 13th June and a somewhat bullish stick the following day. Today, BTC managed to claim a local high at $41,100.
According to the recent declines, the $41,125 level translates to a 0.382 Fibonacci level. Moreover, that is a horizontal resistance zone, increasing its relevance. The leading coin will have the next resistance at $44,775, a 0.5 Fibonacci retracement zone.
Technical indicators show a definitively bullish. The RSI increased over the 50-line as MACD remains positive. Meanwhile, the stochastic oscillator is already in a bullish cross. With all these indicators, market analysts expect a breakout.
However, the 2-hour chart shows weakness. The RSI produced a bearish deviation, and MACD showed a reversal gesture. These signs indicate a near-term pullback.
With that, the $38K zone is a horizontal support area, coinciding with a possible climbing sustenance line from the 8th June dips.
Bitcoin kept trading in the increasing parallel runway since 19th May. The channel likely has an A-B-C corrective construction. A $43,950 high could drive the prices to the channel’s resistance line and ensure wave A-C has a 1:1 ratio.
The coin has chances to claim a high nearing that level. Also, that could complete a long-term 4th-wave pullback.
With such indicators, most market analysts expect a break out from the leading coin. Do you think that BTC would recover its highest prices after struggling for weeks? Indeed, anything can happen in the crypto market. However, Musk’s tweet on allowing BTC transaction once more gave long-term investors hope. The CEO will accept BTC if mining uses 50% renewable energy.
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