After Bitcoin had unsuccessfully attacked the resistance in the area of 48,000 dollars in the past few days, it initially fell moderately in the middle of the week. The superordinate chart image remains bullish.
At the weekend, the Bitcoin had already overcome the horizontal resistance at around 48,000 dollars for a short time and targeted it again at the beginning of the week. However, it has not yet been enough for a sustained outbreak. Instead, it even slipped below the support at around $ 45,000 for a short time.
However, in the $ 44,500 area, the bulls took over again on Tuesday, preventing consolidation from accelerating. From a 24-hour perspective, the digital reserve currency is almost two percent in the red on Wednesday afternoon, but is still well above the important 45,000 mark, where the 200-day line currently runs.
Bullish setup in the chart
As long as these chart levels are not sustainably undercut and the price falls back into the sideways trend of the past few months at around 41,500 dollars, the medium-term setup remains bullish. With a look at the long-term chart, everything is alright with Bitcoin anyway: In the past twelve months, the digital reserve currency has almost quadrupled.
If the resistance breaks at around $ 48,000 on the third attempt, another key mark on the way to the previous all-time high of almost $ 65,000 in mid-May would be overcome. The recovery rally should then gain momentum again.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
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