Bitcoin price attacks the 50,000!
More and more large companies are promising their customers that they will soon be able to pay with Bitcoin. The increasing adaptation in the Bitcoin Profit broader society is giving the Bitcoin price unimagined highs. Especially in such volatile markets, the motto is: Realise profits! Nobody likes having to sell at a loss. But where do you find these entrances? This is what we want to look at in today’s technical analysis on a weekly, daily and 4-hour basis.Google SubscribeStrong weekly candle in the Bitcoin price!
As described in our last report, there was a possibility for the Bitcoin price to form a trend reversal formation – a double top. However, the price rose above the critical zone and marked a new all-time high at currently 49,700 dollars on Coinbase. Thus, a major trend reversal was initially thrown out of the running.
With the four candles between the upper key levels, a medium-term support has been established, which should be seen as a stop for the Bitcoin price in the event of a price decline. Should the bears then push the price down further, there will be no significant support on a weekly basis until the support area at the level of the old all-time high from the end of 2017.
Going to the moon with Musk!
Followed by the breakout from the bull flag and a proper retest on its validity, the Tesla candle is soaring. A rise in the Bitcoin price would probably have occurred even without Tesla’s announcement that it would now also accept Bitcoin as a means of payment. However, this news caused the market to react positively in a jerky manner.
As a result, an “upward consolidation” is now forming. This is put in inverted commas because it is actually a sign of market saturation and therefore a bearish sign. So a small correction could be in the offing.
But especially in the recent past, the Bitcoin price has also broken through bearish consolidations and supposed reversal formations and resolved them bullishly. Those who have not already gone long since the confirmation of the breakout from the bull flag should keep their feet still for now. Better entries will come again!
Bitcoin price at 40,000 or 50,000?
Perhaps the Bitcoin price will overcome its recent behaviour and resolve a bearish consolidation in a bearish manner. In that case, the next price targets would be between 38,000 and 40,000.
If the Bitcoin price manages to start a bullish run again, then one can assume targets far above 50,000. The important thing here is to have your risk under control. Find good entries and exits and only trade with the money that you can still sleep peacefully. Otherwise, happy trading!