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Bitcoin (BTC) Forms A Bullish Engulfing Candlestick On A Weekly Basis.
2021-12-27 | Selina Mathew
BTC/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM
Nevertheless, the signal has produced a concealed bullish split, which is a strong indication of trend continuance. Continuing eruptive The daily chart shows that BTC has broken over a falling resistance line that has been in the position since the all-time high on November 8th. This indicated that the correction was over. Technical indications look to be optimistic as well. The MACD histogram displays 13 rising momentum bars in a row and is virtually positive. Furthermore, the RSI is on the verge of rising over 50. (Green icons). Both of these are indicators of a bullish trend. As a result, when compared to the weekly chart, the daily time period gives a more plainly positive perspective. The 0.5-0.618 Fib retracement resistance levels provide the nearest resistance region, which is situated between $55,470 and $58,640. From the bottom on December 4, BTC may have been trading within a rising parallel channel, according to the six-hour chart. It is now trading at the channel's midpoint. The channel's resistance line is approaching to the 0.5 Fib level at $55,500. Bitcoin wave count According to the wave count, BTC is in the Y wave of a W-X-Y corrective structure (pink). If waves W and Y have a 1:1 ratio, BTC might reach a high of $55,450, which would be close to the previously predicted resistance zone. This whole motion would most likely finish a longer-term B wave (black). If BTC moves above this level, it will indicate that the long-term trend is positive and that the present upward surge is not just a part of a larger correction.
