If the market fell sharply in early September, no one knows how long this phase of correction will last. The powerful rebound in recent days in Bitcoin (BTC) and other cryptocurrencies makes the situation difficult to analyze and highly uncertain.
On a large scale, Immediate Bitcoin is staying the course. For now, the weekly scale trend remains bullish . The troughs that form are higher and higher and the price follows a straight line with an upward trend .
Bitcoin can also count on many important supports. First, the $ 10,000 level , major support on the weekly and monthly scales.
Next comes the level of $ 10,500 , above which Bitcoin has just returned this week
In terms of indicators, we must note the rebound on the level RSI 53 . Historically, during each bull cycle, the RSI has never returned below this level. The fact that Bitcoin has bounced off it is therefore good news.
Despite all this, the situation is not so obvious. Indeed, if Bitcoin is based on a multitude of supports, there is still great resistance to overcome . The virtual certainty of a long-term bull market return can only be achieved by going beyond the resistance of $ 12,000 and $ 14,000 .
The Ichimoku indicator on BTC (W)The Ichimoku indicator on BTC (W)
On Ichimoku, the price faces the Tenkan which could well push it straight back towards the Kijun, located $ 1,500 lower ! Be careful, the corrective phase can still continue. The key will be to stay above $ 8,900 to keep hope for the near future of BTC.
It will therefore be necessary to confirm this underlying uptrend by crossing the multiple resistances on the course. Exceeding the resistance level 61 on the RSI would also support the bullish rally.
Uncertainty is what reigns over Bitcoin today. After the sharp fall of September 3, Bitcoin had officially entered a phase of correction .
After rebounding from the $ 10,000 support, the price had retested the $ 11,100 breakout level . This level marked the entry into a daily downtrend.
If one could expect a significant rejection after this pullback (which took place), the recovery of the last few days is less obvious.
Indeed, there is nothing to date to say that the correction is complete . This was even less the case a few days ago.
The trend remained bearish on a daily basis, and Bitcoin was then under a lot of resistance. Massive rejection on $ 11,100, Tenkan / SSB double resistance on Ichimoku, downtrend … Everything was pointing towards a bearish continuation.
If there are still some elements suggesting that a new fall is possible, the situation today is much more delicate.
By rebounding once again on the support slant worked since May , the Bitcoin situation has changed significantly. Indeed, we can observe for the first time that Bitcoin is trying to establish a trough higher than the previous one.
This is obviously rather bullish , but to fully confirm a return to an uptrend, the highs will also need to be higher and higher. For this, it will be necessary to exceed $ 11,100 with a daily close.
This resistance will therefore be decisive and the key point to watch in the coming days. Breaking through this resistance will lead Bitcoin to a bullish market rally in Daily , and will likely push it straight to a new $ 12,000 test .
A rejection, on the contrary, will leave Bitcoin in a range phase , consolidating flat between $ 10 and $ 11,000. The uncertainty will then be total and it will be necessary to wait for the breaking of one of the two limits to be able to identify a clear direction again.