Bitcoin Chart Analysis
Bitcoin continues to be in a sideways phase between our support and resistance. Currently we are at around $34,500 above our support zone and have not made it above our 4H resistance yet.
On a positive note, we have broken through our downtrend line and confirmed it as support for the first time. Previously, we failed to do so time and time again and another sell-off began.
On the 4H chart, we can’t see a clear sign of where we are going. But how does it look on the daily chart?
On the daily chart, we can clearly see the formation of an ascending triangle/bullish. This should break out bullish or bearish by 12/07/21 at the latest.
The RSI (relative strength index) is also suggesting a breakout. Currently, we are right at the downtrend resistance line and in neutral territory. If Bitcoin breaks out to the upside, resistance should also be broken in the RSI.
The technical price target of our pattern on a bullish breakout is around $44,000, above our strong resistance. The bearish price target is at around USD 28,000 and would thus form a lower low, which would not be a good sign for the further course.