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BITCOIN DAY TRADING ***$1 INTO $500 CHALLENGE***

Bitcoin grew by 10% in a day and ...

Bitcoin is up 10% in a day and reaches long-term resistance
CONTENT

  • Bitcoin Reaches Long-Term Resistance At $ 16,100.

  • The price is not showing clear signs of weakening yet.

  • The market may be in the fifth and final wave of a bullish structure.

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The bitcoin rate formed a bullish engulfing candle on the daily chart, marking a maximum at $ 15,570 and strengthening by 10% within the day.

The price has reached an important area of ​​resistance, which can act as a top. However, while the pair is showing no signs of weakening the current trend.

Long term resistance

The bitcoin rate (BTC) is approaching an important resistance area at $ 16,145. It is represented by the Fibo level of 0.786 of the correction of the entire previous decline and the area of ​​the former resistance.

The price is not showing signs of long-term weakness yet, but is now in the process of forming a bearish engulfing candle.

Bitcoin grew by 10% in a day and ...

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Schedule BTC. Source: TradingView

Current growth

On the daily chart, the market formed a bullish engulfing candle yesterday, demonstrating a 10% gain. Today the pair continued to rise and reached a high of $ 15.968, but then pulled back a little..

Technical indicators are not signaling weakening yet. There are no signs of bearish divergence on the chart, and all three indicators – RSI, Stochastic Oscillator and MACD – are growing.

Schedule BTC. Source: TradingView

Likewise, there is no weakness on the shorter 2-hour timeframe, even though the rally is parabolic..

RSI and MACD indicators are oversold but do not signal bearish divergence. This indicates the likelihood of continued price growth.

Schedule BTC. Source: TradingView

Wave analysis

As for the results of the wave analysis, here the BTC rate probably began to form a bullish impulse structure on September 7. Now the market is inside the fifth – final – wave of this structure (orange on the chart).

Bitcoin has already reached two important Fibo resistance levels – 4.61 in wave 1 and 0.618 in waves 1-3. This promises the pair the rapid formation of the top. These resistance levels also line up with the $ 16,100 long-term resistance we highlighted above..

However, despite this, the trend has not yet shown signs of weakening.

Bitcoin grew by 10% in a day and ...

Schedule BTC. Source: TradingView

On closer inspection, it can be seen that the pair may have completed the fifth sub-wave (blue). If this assumption is correct, this could complete the above wave 5.

Schedule BTC. Source: TradingView

Conclusion

Thus, the bitcoin rate has reached an important Fib level and horizontal resistance. This is where the market can form a top. However, so far the pair does not show signs of weakening, indicating an impending trend reversal.

You can read the previous Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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