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Bitcoin (BTC) rose to the $50,000 level despite a series of sensational news after falling to the $38,000 level.
In our previous analyses, we had determined the resistance level of $48,000 and the support level of $38,000 using Bitcoin’s CME chart. In live broadcasts, we had predicted that Bitcoin could move towards the upper band of the channel ($50,000) and enter an upward trend if it did not break the $38,000 level.
As seen in the graph, Bitcoin started to rise after keeping the support of $38,000 and reached the resistance level of $50,000. This rise shows that investors’ risk appetite has increased and interest in Bitcoin continues.
The channel that has been ongoing since November 9, 2022, continues to direct the Bitcoin (BTC) price. Both bands serve as both support and resistance levels. We can consider these band areas as general trend change levels. So, what can we expect in the short term?
Short-term Analysis of Bitcoin (BTC)
Bitcoin (BTC) is currently trading at a level close to the upper band of the channel. Looking at the previous peak points, it is observed that the upper band of the channel triggered a decrease of about 15%. This situation suggests the possibility that Bitcoin may experience a correction movement from this region.
Levels to Watch Out For:
$51,000: Whether this level breaks or not will determine Bitcoin’s direction. If it breaks and the support is maintained, an increase to the $56,000 level can be predicted.
$50,000: Breaking this level could create resistance close to the upper band of the channel and increase the possibility of correction.
$47,000: Breaking this level could indicate a trend change in the short term.
Technical Indicators:
The RSI indicator is approaching the overbought region.
The MACD indicator has created a peak point and started to give a downward signal.
From a different perspective, if the upper band of the ascending channel is not broken, a sharp drop may begin in Bitcoin. This situation can cause a change in the trend in the short term. Among the important factors supporting the decline, there are divergences in the daily and weekly charts of Bitcoin. Depending on your strategy, realizing profits in these areas against the possibility of these divergences working can benefit you.