Technical market outlook of Bitcoin (cryptocurrency) :
Trading Bitcoin (BTC/USD) : Bitcoin :
The bullish trend is currently very strong for Bitcoin - BTC/USD. As long as the price remains above the support at 23k USD, you could try to take advantage of the bullish rally in short term.
The first bullish objective is located at 23,874 USD (this price is coincided with the ratio 61.8% of Fibonacci retracement levels). The bullish momentum would be revived by a break in this resistance.
Since three weeks BTC/USD increased within an up channel, for that Bitcoin hits new highs 24k USD, 25k USD and 26k USD.
Bitcoin price had a significant breakout above the price of 24k USD. BTC/USD is part of a very strong bullish trend. Traders may consider trading only long positions as long as the price remains well above the levels of 24k USD.
Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
As the price is still above the moving average (100), immediate support is seen at 23,869 USD, which coincides with a golden ratio (61.8% of Fibonacci).
Consequently, the first support is set at the level of 24k. Hence, the market is likely to show signs of a bullish trend around the spot of 24k USD. The next resistance located at 26,526 is the next bullish target to be reached.
A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 27k USD. Closing above the pivot point (23,869 USD) could assure that BTC/USD will move higher towards cooling new highs.
The bulls must break through 25k USD in order to resume the up trend. Buyers would then use the next resistance located at 26,526 USD as an objective (this price is coincided with the ratio 100% of Fibonacci retracement levels - the double top - the last bullish wave on the hourly chart - 27k USD).
Bitcoin price is bullish but climbing higher will be strict, our next target 27k USD. Crossing it would then enable buyers to target 28k USD in coming days.
Be careful, given the powerful bullish rally underway, excesses could lead to a short-term rebound. Also it should be noted that BTC and cryptocurrencies unite as the bears lose their momentum. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
BTC's price has been consolidating between the 24 k USD and 28k USD over the last few weeks, following a massive rising from the 24k mark. So far, the price has been supported by the 23,869 support.