Bitcoin Price Hits Critical Resistance Level at $67,500: Analysis
The post Bitcoin Price Hits Critical Resistance Level at $67,500: Analysis appeared on BitcoinEthereumNews.com.
The Bitcoin (BTC) price has reached the critical golden ratio resistance at around $67,500. BTC has been up roughly 10% in the last four days. However, Bitcoin is now encountering significant resistance. Will this lead to a bearish rejection for BTC? Will Bitcoin’s Current Price Return to the Upward Trend? Bitcoin’s price has risen over 10% in the last four days, forming a bullish price pattern. This is due to Bitcoin creating an inverse head-and-shoulders pattern, from which the BTC price has already broken out bullishly. The golden ratio near $67,500 coincides with BTC’s crucial Fibonacci resistance. A bullish break at this level would signal a return to an uptrend for Bitcoin. Consequently, the corrective movement would be invalidated, and Bitcoin could target or even exceed its previous all-time high of around $73,800. The Exponential Moving Averages (EMAs) have a golden crossover, and the Moving Average Convergence Divergence (MACD) lines are also bullishly crossed. The MACD histogram is ticking bullishly higher, while the Relative Strength Index (RSI) is neutral. Overall, the indicators in the daily chart are bullish. Read more: Bitcoin Price Prediction 2024/2025/2030 BTC/USD Price Analysis (Daily). Source: TradingView However, the 4-hour (4H) chart indicators are signaling bearish tendencies. The BTC price could face short-term bearish pressure and be rejected at the golden ratio resistance near $67,500. This is because the RSI is showing a bearish divergence, and the MACD lines are about to make a bearish crossover. Additionally, the MACD histogram is already ticking lower in a bearish manner. Only the EMAs are giving bullish signals due to the golden crossover. This suggests that the trend remains bullish in the short term. It is important to note that Bitcoin’s price could initiate a correction to reach the 0.382 Fibonacci (Fib) level at around $63,280. That scenario marks a…
Filed under: News - @ May 18, 2024 4:22 pm