BITCOIN CFN

  • Bitcoin's price holds steady, forming higher lows along a trendline, signaling potential for a bullish rebound towards $67,000.

  • Bullish divergence in Bitcoin's RSI hints at a possible price reversal, indicating upward momentum despite recent retracements.

  • A potential golden cross between Bitcoin's MA50 and MA200 could trigger a bullish reversal, with support near $53,000.

JavonTM1, a crypto analyst on X, recently pointed to a hidden bullish divergence on Bitcoin's (BTC) 3-hour trend. This indicator could suggest an upcoming bullish move for the cryptocurrency. 

The current price action highlights several critical trends, with Bitcoin's price showing signs of an upward push. Notably, Bitcoin has been maintaining a steady support level, indicating that the market could be preparing for a bounce in the near term.

https://twitter.com/JavonTM1/status/1835841975884693764

Price Movement and Support Levels

Bitcoin’s price recently experienced a retracement, forming higher lows along a steady upward trendline. The market appears to respect this support, which may suggest a potential price rebound. Key resistance is currently near $67,000, while support is holding close to $54,000. Traders are paying close attention to whether Bitcoin can sustain this upward trajectory, especially if it approaches the next resistance point.

Bullish Divergence and Momentum Indicators

One critical signal from the analysis comes from the RSI indicator, which displays a bullish divergence. While Bitcoin’s price formed higher lows, the RSI simultaneously created lower lows. This divergence often implies a potential reversal or continuation of upward momentum, signaling that a bullish move may be on the horizon. If the price maintains its current trajectory, it could see an increase towards the $67,000 resistance level. However, breaking below the support line might lead to bearish momentum.

Moving Averages and Future Trends

The MA50, more sensitive to short-term price fluctuations, crossed above the MA200 in July, indicating a golden cross, followed by a brief price rally. However, a death cross in August signaled a bearish trend, which pushed the price towards $53,000. 

Bitcoin Poised for a Bullish MoveSource: Santiment

Currently, the MA50 is attempting an upward turn. If it crosses above the MA200 again, a bullish reversal could occur, with resistance near $67,500. Nonetheless, a fall below $53,000 could further extend bearish trends.

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