Bitcoin (BTC) closes week bullish, approaching all-time high resistance

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Bitcoin (BTC) created another bullish candlestick over the weekly period, continuing its continued ascent towards a new all-time high. BTC is expected to break above the resistance level of $ 57,150, which is the last before the all-time high.

The weekly bitcoin chart is moving towards a bullish outlook. This happened mainly due to technical indicator readings rather than price action.

First, the Supertrend line has turned positive. Supertrend is an indicator that uses absolute highs and lows to determine the direction of the trend. If the price of BTC is above the indicator line, the Supertrend is considered bullish. Since BTC just crossed above the Supertrend resistance line (green circle), the indicator has turned bullish.

On top of that, the RSI and MACD are bullish.

The RSI, which is an indicator used to measure momentum, has moved above the 50 line (green icon). This usually means that the trend is bullish and ends a 77 day period in which the indicator was below 50. The previous time the RSI broke above 50 was in April 2020, leading up to the rally at $ 64,000.

The MACD, which is created by both short and long term moving averages (MA), is positive and is moving upward. In addition, its histogram is almost positive. This means that the short term trend is moving faster than the long term trend.

While BTC has yet to recover the ascending support line from which it had previously broken, the indicator reads. counteract the relatively bearish price action.

Bitcoin breakthrough underway

The outlook for the daily chart is aligned with that of the weekly chart, showing similar RSI, MACD and Supertrend readings.

On top of that, the price action is bullish in this time frame.

BTC is creating a bullish candlestick inside the wick starting on October 10th. This is a sign that the selling pressure is dissipating.

Additionally, BTC is approaching the resistance of $ 57,150. This is both the 0.786 Fib retracement level and a horizontal resistance area.

If a breakout occurs, BTC should have little means to prevent it from rising towards its all-time highest price.

The six hour chart also gives a bullish outlook. Firstly, it shows a breakout of an ascending parallel channel, a sign that the trend is bullish and the previous correction has ended.

On top of that, as BTC consolidated below the resistance zone of $ 57,150, the RSI generated a hidden bullish divergence. This is a strong sign of the continuation of the trend. Therefore, a breakout would be the most likely scenario.

Number of waves

Finally, the number of long-term waves is bullish. This indicates that BTC is currently in a 1-2 / 1-2 wave formation. This means that the current rise is only the first part of the bullish movement, which will accelerate considerably thereafter.

Second, the short-term tally shows that BTC is in the fifth and final sub-wave of the current rise.

The most likely target for the top is between $ 59,900 and $ 60,650. This target range is found using wave length one (white) and wave length 1-3 (black).

For the previous analysis of BeInCryptos Bitcoin (BTC), click here.

Disclaimer All information on our website is posted in good faith and for general information purposes only. Any action that the reader takes on the information found on our website is strictly at his own risk.

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