Bitcoin showed a positive weekly performance once again with the major cryptocurrency asset soaring higher than the previous week. With this, the highest intraweek is above the key resistance at the 21 -week moving average and the 200 -day moving average. Despite selling pressure over the weekend and a drop below the support level the BTC rebounded above $ 45,000.
Based on the movement of the 4-hour chart there are signals that carry indications for the market to be more cautious. This occurs when the price moves higher while the relative strength index rises lower, indicating the risk of a merger or a short -term collapse.
To avoid bearish sentiment, BTC needs to bear above its recent high of $ 45,300 and continue to push the relative strength index to be above the downtrend line.
At the time of writing, BTC has passed the resistance level and is currently trading at a price of $$ 45,806.37. This may be the expected start for BTC to reach the $ 50,000 price level. At the beginning of the trade BTC has made a bullish test of the rising trend line. Technical analysts consider this another short -term bullish signal for BTC
On the other hand, if the price movement remains with a bearish pattern, the price movement will retest the RBS zone (resistance become support) around $ 44,000 before making a decline to the level, lower or it is just a retracement.
By breaking the $ 44,000- $ 45,000 resistance level, the next resistance level that market players should watch out for is $ 47,000- $ 48,000.
