The price of Bitcoin has continued increasing after a minor pullback yesterday and has managed to go slightly above the next significant resistance point, but is currently retesting it for support.
There are no any signs of the momentum slowing down which is why further gains could be expected, but only for a while as the wave structure implies the end of the five-wave impulse from 5th of June.
- Increase of 6.77% seen from yesterday as the price made a minor pullback.
- Interaction with the 0.5 Fibonacci level is being made with the price looking to establish support.
- If the support is found an interaction with the next Fib level could be seen but we could see the downfall shortly as the price has entered the seller’s zone.
Bitcoin Price Analysis BTC/USD
From last weeks Monday when the price of Bitcoin was sitting at $8986 at its lowest, we have seen an increase of 26.55% measured to the highest point the price has been today which is at $11,408
The price continued increasing after yesterday’s pullback of around 4.87% which brought the price down to $10633 and is still in an upward trajectory.
On the hourly chart, you can see that the price of Bitcoin came up to the 0.5 Fibonacci level and has been stopped out at the resistance found on those levels yesterday which is why we’ve seen the formation of the horizontal sideways range.
But the pullback was only a minor one as the price continued increasing steadily after the retracement and is currently attempting to break out to the upside above the significant resistance point.
The price is currently above the 0.5 Fibonacci level and is retesting it for support. If the price finds support at the current levels further upside movement could be seen to the next significant Fib level of 0.618 which is in price terms at $13207.
The wave structure implies that we are seeing the 5th wave of the five-wave impulse which started on 5th. This means that after some further upside correction is soon to be expected.
If the five-wave impulse from 5th is the ending wave of the impulse from the higher degree its completion would mark the end of the bullish rise we’ve seen from 15th of December.
The price doesn’t find support around the current levels and starts falling down fast it would indicate that the buyer’s interest has gotten weaker than the seller’s pressure and would, in that case, indicate the end of the last five-wave impulse.
The bullish momentum doesn’t seem to be showing any signs of weakness which is why more likely we are to see further upside move before the downturn starts.
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