Wednesday 19 January 2022
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Bitcoin Faces An Inevitable Crossroad Between 7000 And 5400

Bitcoin a sharp rise in prices last week was halted by a 10.63% decline. However, bitcoin has gained 10.85% in the last week. Bitcoin is currently valued at $115 billion.

Bitcoins, which is currently trading at $6288, recorded $50 billion in transactions yesterday, according to ABMcrypto.

Bitcoin chart in one hour timeline

Bitcoin experienced a 25% price increase from March 19 to March 20 but has fallen again by about 10% in the past two days. The digital currency has crossed important support and resistance lines in the past two or three months, indicating a volatile period.

Top left chart

After the $3800 bitcoins price on March 13, which was the lowest this year, the same day the price again hit $4800 and the symmetrical triangle pattern was formed by March 16. The price trend was able to get out of the triangle for a short time and move up, but in less than 60 minutes the trend reversed and the profits disappeared. Bitcoin then plummeted back to the $4400 channel and has been rising periodically since then, rising to $6900.

The chart above shows the bitcoins fluctuating in an uptrend channel in the past week. The upper floors of the canal are 5337 and 6302, respectively, and the upper floors are at $4400, $5039, and $5940, respectively.

The chart on the left is a downtrend that may lower the price to $5410 and the bitcoin price range from $5400 to $6000 by the beginning of April.

Top right chart

If the bitcoin price rises to $7000 in the next two weeks, which is very likely to pass, the bearish outlook will disappear. An uptrend could break the $6400 resistance in the next 24 hours.

Given the bullish momentum, it will probably once again hit $7000 and break the range by the end of March.

Relative Strength Index, RSI

As the Relative Strength Index (RSI) rises from 38 to high levels, the arguments for a significant price rise have increased. Because the market activity is still high.

Given the high level of volatility, it is difficult to accurately predict bitcoin price trends. But recently, bitcoin has shown a certain sense of optimism.

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