Thursday 20 January 2022
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Bitcoin Rally To 6-4k

Hours ago we saw a bit of a jump in bitcoin prices. The jump-started at $5688 and eventually led to a $6600 price. Previously, analysts were worried that the king of digital currencies would fail to maintain $5400 support.

According to Cointelegraph, bitcoin has begun a bullish trend and its recent leap is evidence of a not-so-good stock market, while the S&P500 and the Dow Jones hit yesterday. The loss ended. Gold and silver, on the other hand, grew by 4.42 and 5.94%, respectively. It may be argued that the behavior of investors and traders is their reaction to the current situation and that they are seeking a refuge to safeguard the value of capital and store value.

Now we have to wait to see if Bitcoin can once again make its way out of traditional markets.

At the moment, buyers are trying to maintain the $6400 resistance and finally close today’s price above the resistance level. In the past few days, analysts have emphasized the importance of turning the $6400 resistance into a support level. Now, with the bitcoin plummeting to $6600, traders are waiting to see if enough buying volume will keep the current trend.

Bitcoin chart in 4-hour time frame

In the short-term time frame, traders have stated that the MACD or Divergent Converging Moving Average is creating a convergence to the signal line;

The Relative Strength Index (RSI) is also entering the bullish range and is currently showing digit 61 If bitcoin reaches a value above 6455, it will push the digital currency above the 50% Fibonacci level. It should be borne in mind that the 61.8% Fibonacci level is expected to act like a tough resistance to rising prices.

Looking at past bitcoin price fluctuations in daily frames, it can be seen that bitcoin is always facing resistance in the region below the 61.8% Fibonacci level. On the other hand, whenever higher than this figure, it is also supported at this level.

Bitcoin Daily Chart

It is also worth noting that bitcoin’s failure to maintain a $6900 price on Friday (April 7) was also at the 61.8 Fibonacci retracement level at $7101. From November 27, 2019, to January 3, 2020, the 61.8% Fibonacci retracement level has acted as support; now, given the high volume of trading and rising prices, it seems that It has a strong functional level. Trendy traders also point to the high volume of activity at this level.

If bitcoin prices fall, the first support will be $6200, followed by the drop to 5800 and 5500, respectively, which have already been successful support. Those traders who do not want to risk their funds wait for the 4-hour candlesticks to close to see if the price is above the trend line (bullish) at more than 6455.

The peninsulas also did not miss today’s bitcoin leap. Ethereum rose 5.06% to $131.52, litecoin jumped 6.23% to $38.25, and Tezos Also with increasing 8.05%  jumped $1.65. The total value of the digital currency market is also $181.9 billion, of which Bitcoin has a 64% share.


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