WILL DOGECOIN (DOGE) CONTINUE THE ELON MUSK EFFECT!? Cryptocurrency News & Analysis 2021
Bitcoin continues to climb and aims at $ 7550
Bitcoin Shows Best Daily Close Since March 11.
Resistance is around $ 7550.
Price is possibly forming the fifth Elliott wave.
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.
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.
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.
If these attempts are successful, the quotes will go to the target at $ 7500 after the breakdown of the psychological level of $ 7000.
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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