Bitcoin on the rise, the party continues…- As the macro economy continues to be uncertain, and the bad news continues to fall on the side of cryptocurrencies, the Bitcoin continues to climb. Recently, the stacking has been stopped on the Kraken exchange, and the SEC is also going after Paxos. All this does not seem to affect the BTC which recorded, yesterday, a increase of nearly 10%. The bullish momentum is relaunched?
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A close above $24,260 on a daily basis that revives the bullish momentum?
From the fence above $18,400Bitcoin (BTC) is following a bullish momentum Daily. However, the course must break the resistance at $24,250 :
The course was based on the level of bracket at $21,600and bounced from 15%. Also, the price closed above the last high marked at $24,250. It would seem that the weekly resistance at $24,250 is in the process of yielding, it will henceforth have to be used as support (green arrow). If this scenario plays out, the price could head towards the next resistance at $28,800then the one at $31,000.
The scenario to avoid for buyers is a reintegration below the resistance at $24,250. Indeed, the sellers could then take the opportunity to regain control and bring the price to the next bracket at $21,600.
The momentum remains fragile, as it approaches the downward trendline initiated in early January. Moreover, with this new high, the RSI continues to draw bearish divergences on a daily basis.
In the short term, Bitcoin is bullish
In 4H time unit, Bitcoin is bullish. Yesterday he broke the two resistors on his way to $22,500 And $23,900 :
THE Bitcoin moves above the resistance at $23,900. He left in uptrend, and the price should stay above $23,900. Indeed, this resistance must now provide support. Also, the institutional bias (EMA 9/EMA 18) is oriented upwards, it could act as a dynamic support.
The momentum explodes upwards in 4H. After several days spent under the bearish trendline, the RSI breaks this resistance. This leads to violent movements like yesterday. However, you must continue to display a bullish momentum on the RSI indicator.
Bitcoin surprises traders and closes daily above $24,250. If Bitcoin is bullish, it must continue its momentum and avoid falling below $23,900 in a 4H time frame. THE Bitcoin has been on the rise since January 2023, And it’s not finished. Altcoins could benefit as well.
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