Overview
- BTC has been making a very bearish candlestick during the previous weekly timeframe.
- Daily signals seem to be showing a downward trend, but weekly signals are speculated to be on an upward trend.
- Bitcoin has finally broken down its streak of dropping price all over the past week.
The price of Bitcoin (BTC) had been decreasing by a considerable amount over the past seven days, but it has finally started to recover from that loss by a short term positive reversal pattern, and the price has since been gradually going up.
BTC has been speculated to grow and recover its price further through the following resistance areas.
Bitcoin’s recent bearish close
Bitcoin has been on a rollercoaster ride throughout this past week as it started off from its record high price of $58k and then started to go down so steeply that it went below the $45k mark, and its price went around $43k. This downward trend of prices has created a bearish effect on candlestick closing the past week. As the RSI had already generated a bearish divergence before the drop in prices of the Bitcoin, but it had been invalidated through a surprising bullish divergence by the RSI. This is a positive sign which suggests that an upward trend of Bitcoin is underway, and it is going to continue.
Five instances in the past have shown the same trend as the market was following a bearish trend in the candlesticks, but it was followed by a greater upward trend in the cryptocurrency. This supports the speculation that it is possible for Bitcoin to experience an upward trend now.
Present Movement
The daily charts state that Bitcoin has been presently trading on a price that is higher than the minor price support of $44.8k It was approved when it got validated the second time at that level and made a lower candlewick.
There is still bearish speculation by the technical indicators, but the two-hour graphs show a more bullish trend.
Bitcoin is speculated to keep up and break the previous downward trend and eventually hover around the range of price from $50,670 to $52,480.