Bitcoin must now choose: back to $5,000 or further to $10,000
Last Saturday Bitcoin peaked above $ 9,000, an increase of more than 50% compared to the low of $ 6,000. But on Sunday, Bitcoin fell back to $ 8,000. Currently, the largest cryptocurrency in the world remains there, but some technical signals show that it's time to choose now: back down to $ 5,000 or further up to $ 10,000.
Since the peak of $ 20,000, Bitcoin has been in a declining trend of lower peaks. At the low point of $ 6,000, the technical trend indicator RSI had dropped to below 30. This is a strong over-sold signal on which Bitcoin therefore recovered.
In the past, an RSI below 30 was always a strong signal for a recovery and the starting shot for the road to a new highest record price. An RSI below 30 always triggered a V-recovery. That is also what we saw with the rise from $ 6,000 to $ 9,000.
But it is far from certain that Bitcoin is now on the way to a new record.
The weekly chart of Bitcoin shows a different picture. The RSI has dropped to below 50. This is a signal in which the price evolution remains negative. It is also the first time since September 2015 that the RSI is quoted below 50 on Bitcoin's weekly chart.
In addition, the 5-week average and the 10-week average show a crossover with the short-term trend falling below the long-term trend. This also indicates technical weakness in the short term.
A rally to a new record seems almost impossible in the coming weeks. To get back into a positive momentum, Bitcoin must rise above $ 10,000. Otherwise, a new low threatens to $ 5,000 per BTC in this downward trend.
What is your opinion?
Bullish or bearish in the weeks to follow?
Personally, as always btw, I'm hoping we go bullish ofcourse, but it is definitely not guaranteed! Patience will be rewarded, make us proud crypto! Please?
Thank you for reading.
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MAXIDIGI