Bitcoin Chart Analysis
Bitcoin has been in a significant uptrend for a few days now. Since our short-term low at around 43,300 USD, we have been rising steadily and were at around 48,500 USD in the meantime. Currently we are at around 47,800 USD.
On the 1H chart, we were briefly in an overbought zone on the RSI. In the meantime, this indicator has recovered and we are in neutral territory.
The volume is also decreasing significantly again in the last few hours, which could indicate a bigger move in the next few hours.
Right now on the 1H chart, it looks like we could be forming a possible bullflag. After the recent strong rise, we are consolidating in a trend channel. At the same time, we confirm the 0.236 Fib. Retracement level as support.
Should this bullflag break out to the upside, the technical price target would be at around USD 51,500 and thus right in the middle of our next resistance area. Then, only our former golden pocket (0.618 – 0.65 Fib. retracement level) at around USD 52,700 would be in the way before we can tackle the ATH.