Bitcoin price predictions show that it will reach $ 5,900 in the fifth wave of Elliot. Will the bears try to prevent the currency from enjoying the new triumph? By staying within the range of $ 5,200, Bitcoin kept operators on the edge of their seats.
Bitcoin has registered three days of slight profits. However, the bulls seem to be exhausted due to the lack of progress above $ 5,300. The short-term technical charts show a bearish bias, but the BTC against the USD is strongly supported above the positive zone at $ 5,175 – $ 5,200.
The BTC trade against the USD at $ 5,250 has remained virtually unchanged since Friday. Recent gains invalidated the bearish reversal on Monday when the price was corrected below $ 5,000 before finding support at around $ 4,950. In the graph of analysis we can see a setback above which was about an hour on average in the simple moving average (SMA).
A bullish candle pushed Bitcoin into a positive zone ($ 5,175 – $ 5,200). Further correction to the upside exceeded the stubborn resistance at $ 5,300. Bitcoin then formed a maximum of $ 5,317.81 before the bears forced their way to push the price below the rising wedge support.
The rebounds of Bitcoin
Friday’s fall found support slightly above the above-mentioned bullish zone at $ 5,175 – $ 5,200. In addition, the 100 SMA of 1 hour supported the rebound that has ignored the breakage of the rising wedge pattern. The price is currently hovering around $ 5,250 amid a bearish momentum in the relative strength per hour (RSI) index. The indicator has been on a downward slope since the rejection at 70.00 yesterday.
However, any fall in the price will remain above the bullish zone, which has worked as a bounce wall on two other occasions, see the table. On top of that, Monday’s rebound ignored the fall of the RSI and reversed the trend. It is likely that the RSI will also turn a blind eye, as the bulls take positions to push Bitcoin above $ 5,300 in preparation for a correction to $ 5,500. On the other hand, if the price falls below the bullish zone, other support levels to consider are $ 5,100, $ 5,000 and $ 4,950.
Within the key technical indicators of Bitcoin are:
100 SMA 1 hour: $ 5,190.30.
MACD of 1 hour: in the middle line (0.0): represents the side by side trade of BTC / USD.
1 hour RSI: downward drop to 45.16
Key support area: $ 5,175 – $ 5,200.
Main support: $ 4,900.
Immediate resistance: $ 5,279.99 (opening price on Friday).
Critical resistance: $ 5,317 (maximum of the week).