After Bitcoin's rally, this is the next big goal for BTC (price analysis)
After Bitcoin's rally, this is the next big goal for BTC (price analysis)
Bitcoin has initiated an explosive rally after it found support in the middle of the price level of $ 16,000. Since then BTC has overrent the sliding 100-day and 200-day average at $ 18,000 and $ 19.6,000.
After a longer downward trend, the course breakthrough over the sliding 200-day average is a clear interest bully sign for the market. If the bulls keep the MA-200 level, a reasonable demand will probably return to the market, and the mood will stop at short notice.
However, there is an obvious declining divergence between the price and the RSI indicator in the daily time frame, which could lead to a need for correction in the next few days and after the rally.
the daily -type
The 4-hour diagram
Professional dealers use pivot points to determine support and resistance levels. Simply put, a pivot point is a level at which the direction of a price movement can initiate a reversal.
The following diagram shows that the BTC Prize recently exceeded two significant pivot points and consolidated around $ 23,000. The next crucial level of resistance for Bitcoin is the next big pitch at the price level of $ 25,000 which has also been a static level of resistance in recent months.
Nevertheless, the declining divergence can also be seen in the 4-hour time frame. There is a higher probability that the price will enter a short -term consolidation phase between the level of USD 23,000 and $ 21,000 before increasing the decisive resistance region of $ 25,000.
on-chain analysis
of Shayan
The following graphic offers an overview of the last four Bitcoin price cycles, including the Bullen and Bear Markets 2017-2018 and 2019-2023. It contains the Bitcoin Prize in addition to the MVRV metric, which implies the ratio of market capitalization to its realized upper limit and indicates whether the price is overvalued.
Historically, the key figure falls into the green area during the declining market phases, which means that Bitcoin is traded in the undervalued area and the low point of the cycle is formed. However, as the diagram shows, Bitcoin experienced an increase and the bull market every time the MVRV indicator rose over 1.The youngest rally from Bitcoin has led to a strong increase in MVRV metric. Therefore, the market could have entered a bullish phase in the medium term, followed by sudden movements and increased volatility.
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