Bitcoin (Btc) has been up to 5% in the past 24 hours, as cryptocurrency rallied from a new local low to $ 76,450 to a high $ 83,786 on March 12.
In the weekly chart, the BTC price rehearsed a 50-week exponential transfer of the average or 50W-em indicator (Blue Line) in support.
Bitcoin 1-week chart. Source: Cointelegraph/TradingView
As observed on the chart, the price of Bitcoin has maintained a position above this indicator since August 2023, which is a long -term bullish position. The 50 levels of EMA have become a level of support for Bitcoin in the last 18 months.
In the past, Bitcoin bouncing this trend in September 2024 before continuing with new all-time highs.
Bitcoin shows a lot of bullish variations
Before its rally rally, the low time of bitcoin (LTF) and high time frame charts (HTF) showed differences -variety between the price and the Kamag -child index of strength (RSI) indicator.
Bullish differences occur when the price and RSI move in opposite directions, with the price that makes a lower one and the RSI forming a lower low. Such technical preparations indicate that the underlying bullish momentum improves so that it can possibly reverse the dominant bearish trend.
Bitcoin bullish variations throughout the 15-minute, 1-hour, 4 hours and 1-day chart. Source: Cointelegraph/TradingView
As described in the chart, bullish variations appear in 15-minute, 1-hour, 4-hour, and 1-day charts, which improved the likelihood of a short-term rebound.
Meanwhile, the RSI created a higher low per chart after the indicator dropped below 30 levels, which was the oversold region. The oversold region indicates the denial of the seller’s pressure, with buyers potentially stepping up to reverse the trend.
A variety of bullish in the day -to -day chart is also a rare event. Since 2020, the BTC has shown a similar technical setup of only six times (including current), which has signed under each occasion. The final difference -differently occurred between July and August 2024.
Related: Bitcoin’s high-entry consumers are driving a pressure seller, price can be ‘floor’ at $ 70k
Also, Bitcoin’s recently sweep below its previous lows at $ 78,150 collected all existing liquidity on the downside. This helped the BTC price bounced above the $ 80,000 mark.
According to Liquidation HeatmapThe BTC has eliminated the disruption of liquidity, leaving more than $ 250 million in leveraged positions upside down, specifically between $ 85,000 and $ 87,000. Thus, Bitcoin can rally towards this range in the coming days.
Bitcoin 1-week heat heat. Source: Coinglass
Bitcoin opposite the head and shoulders $ 88k
In the 1-hour chart, the price of Bitcoin has formed an opposite head and shoulders over the past few days, indicating the confirmation whether a candle will close above the neckline of $ 83,800.
Bitcoin 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin can retest a higher price range if it will definitely break above the neckline. The target pattern suggests a 7% -upswing from the neckline, pushing Bitcoin to $ 89,000.
This target is aligned with fibonacci retracement levels, especially 0.50 and 0.618 fib. These levels are the recent lower high of $ 96,450 and lower $ 76,560.
Related: 4 signs that $ 76.7k bitcoin is probably the ultimate low
However, the bullish pattern is subject to validity if the BTC value drops to under $ 78,500. A drop below that level will prove the current higher bullish setup in lower time.
Retryproof provided A similar perspective, with the Crypto Analyst expects the price to combine -combined near the overhead resistance between $ 86,000 and $ 88,000. However, due to a strong demand zone near $ 74,000 to $ 70,000, the businessman hopes the price will eventually drop and develop new prices in the coming days or weeks.
Bitcoin short-term analysis by rectproof. Source: x.com
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
