Bitcoin price … & that’s what matters next week, as well as Ripple, Ethereum Bitcoin
Welcome to our CryptoMonday weekly review of week 12. As usual, there was a lot worth mentioning to report this week and so it is not surprising that we can once again come up with a whole range of interesting news.
Let us know what the most exciting or important events were for you this week and discuss them with our community on Telegram.
Bitcoin Price Analysis & Outlook
After the bearish divergence in both the RSI and MACD indicators became pronounced this week, there was little doubt that the Bitcoin price would correct. The Bitcoin Cycle short-term chart pattern in the form of the diamond top was a kind of early warning system, which ultimately also led to a bearish breakout of the medium-term chart pattern in the form of a rising wedge.
While the price target resulting from the breakout from the rising wedge suggests a move towards $43,500 and thus the last low of the medium-term uptrend, it seems that the BTC bulls have already averted worse with the help of the support zone between $48,000 and $52,000. In the last 24 hours alone, the price of Bitcoin (BTC) rose again by 2.2%. But it is still too early for any form of anticipation, as the short-term downtrend is still in tact.
Here’s what to watch for in the Bitcoin price
While Bitcoin’s (BTC) medium-term trend is still in an uptrend, this week’s price action has caused the short-term trend to reverse and become bearish. In the next few days, it is therefore important to pay particular attention to whether there will be a change in the Bitcoin price and its short-term trend (< 6 weeks). The most basic thing to do is to look at the last low and the last high of the short-term trend.
As the chart above illustrates, the last high of the short-term trend is $56,612 and the last low is just over $51,000. If the Bitcoin price manages to exceed the last high again, we can assume that the short-term trend has reversed again and can be classified as bullish once more. However, if the Bitcoin price falls below the last low, this would definitely be a bearish indicator in the short term.
However, the increasingly divergent highs and lows suggest that this is a structure that can be observed in an inverted falling wedge formation, which basically occurs on higher time units, but suggests a bullish resolution of this price structure. Accordingly, the bitcoin price could also expect a retest of the current resistance zone between $57,370 and $59,500 in the coming days.