1. Moving Averages: The 7-day moving average (MA7) and the 99-day moving average (MA99) show that the overall trend of Bitcoin is bullish, as the current price is above both averages.
2. Fibonacci levels:
- Level 0.236 at $64,788.14: It is considered a current support level as the price bounced from it.
- 0.382 level at $59,725.68: It could be the next support if the price goes down.
- 0.5 level at $55,634.10: a major support level.
- 0.618 level at $51,542.51: Another strong support.
- Level 0.786 at $45,717.21: an important support level.
3. Resistances and supports:
The current price is at $68,867.98, which is close to the psychological resistance level at $70,000.
- Current support appears at the 7-day moving average (MA7) and Fibonacci level 0.236.
4. MACD indicator:
- The value of DIF (fast line) is higher than DEA (slow line) which indicates an upward trend.
- The positive difference between DIF and DEA enhances bullish expectations.
Conclusion:
- The general price trend is upward according to the moving averages and the MACD indicator.
Fibonacci levels show strong supports that the price can rely on in the event of a decline.
- Stability above the $64,788.14 level enhances the possibility of continuing the rise.
- We should monitor the upcoming resistance levels around $70,000 which may face challenges before being breached.
Based on this analysis, the price can be expected to continue the upward trend as long as it remains above important support levels such as the 0.236 Fibonacci level. However, you should always follow the market and update daily for any changes that may affect the trend.
