WILL DOGECOIN (DOGE) CONTINUE THE ELON MUSK EFFECT!? Cryptocurrency News & Analysis 2021

Contents

Bitcoin continues to climb and aims at $ 7550

Bitcoin continues to climb and aims at $ 7550
CONTENT

  • Bitcoin Shows Best Daily Close Since March 11.

  • Resistance is around $ 7550.

  • Price is possibly forming the fifth Elliott wave.

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Bitcoin rose decently on March 23 and, recovering nearly 14% from daily lows, closed near the $ 6,600 mark. As a result, the cryptocurrency formed a bullish engulfing candlestick, which ended within the previous resistance.

Daily levels

 

The major digital currency formed a bullish engulfing candlestick pattern on March 23rd and showed a fairly strong daily close. Also, the token As usage grows new cryptocurrencies types of tokens. They can represent value or something intangible like voices. Two … More finished in the resistance area of ​​the previous candle wick on March 20th. Bitcoin is now testing intraday resistance, changing short-term momentum to bullish after yesterday’s rebound from local support around $ 5600.

The nearest resistance is located at the 0.382% Fibonacci retracement of the bearish trend, which coincides with the high of the candle wick from March 20. The next resistance comes at the 0.5% Fibonacci retracement level around $ 7550. When (if) quotes break through the $ 6900 zone, the rally may accelerate and bring the token to $ 7550.

Short-term dynamics

On shorter-term time frames, quotes appear to be forming a fifth wave in the Elliott pattern, which started at the low of $ 3,782 reached on March 13th. Based on the length of the fourth wave, it can be assumed that its target passes at $ 7534, where, most likely, a top will be formed that coincides with the previous resistance.

On the hourly chart, bitcoin has formed a figure that looks like an ascending triangle, from which the price is trying to exit during today’s trading.

Bitcoin continues to climb and aims at $ 7550

If these attempts are successful, the quotes will go to the target at $ 7500 after the breakdown of the psychological level of $ 7000.

Bitcoin continues to climb and aims at $ 7550

Otherwise, the risk of a downward correction will increase against the background of profit taking in the area of ​​more attractive levels.

So, BTC showed a strong intraday close within the previous resistance, forming a bullish engulfing candlestick pattern. Based on recent dynamics, it can be assumed that the price will now head towards a more significant resistance area around $ 7,500, if the cryptocurrency does not lose its upward momentum in the short term..

The previous analysis of bitcoin can be read here.

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