After a short dip below 3,000 euros, the price rose to EUR 3,444.57 (USD 4.116.61) and currently stands at EUR 3.184.57 (USD 3.805.88).
Summary
*The bitcoin rate has remained constant during the week.
*After the price reached a minimum of 2.966,50 EUR (3.545.26USD), it could rise to as high as 3.444.57 EUR (4.116.61 USD), but then entered a downward trend.
*The most important short-term resistance is 3210,48 EUR (3,836.84 USD) and is currently being tested, the main short-term support is at the weekly minimum of 3.120,83 EUR (3,729.70 USD).
There has been some peace in the markets again. Yes, Bitcoin is shifting some of China away from trade. Yes, the observations of traditional financial service providers are not becoming more positive. But the situation has become normality, so that further statements by Dimon, especially with the well-established interest on the part of JPMorgan (or its customers) at Bitcoin, are no longer so dramatically assessed. You could see the course this week. Yes, he has sunk shortly below 3,000 euros, but could again rise to almost 3,500 euros. Since then, the course has been in a downtrend, but this is being tested by an uptrend that started yesterday evening.
The MACD (second panel) is positive again thanks to the uptrend, as is the MACD line (blue) above the signal (orange).
The RSI (third panel) is 63 and is bullish.
The analysis of the movements in the 60min chart speak a bullish language. A first important support is described by the uptrend and amounts to 3,120.83 EUR (3,729.70 USD). If this support, which coincides with the exponential moving average over two days, would be a second support at the week minimum, that is, at 2.966,50 EUR (3.545.26USD) still for a longer term, steeper downward trend to become . The first interesting resistance is that of the previously mentioned downtrend and is currently being tested. It is EUR 3210.48 (USD 3,836.84). Overcoming the week's maximum at 3.444.57 EUR (4,116.61 USD) would be the next goal and would speak for a sustained upward trend.
The long-term course development
Let us consider the 240min chart as the first to assess medium and long-term developments:
The trend reversal mentioned last week continues to apply: September was characterized by a downtrend all all the recoveries. Although there were several attempts to overcome the exponential moving average over a week or two, none of the trials had been successful. Neverheless, the recent uptrend seems to be trying to test the downtrend, the exponential moving average over the past week is currently being tested.
The MACD is negative according to this downtrend, but thanks to the recent uptrend, the MACD line is above the signal. The RSI is slightly bullish at 54. In the medium term, the situation is there slightly slowly bullish. The most important support is at 2.986,70 EUR (3.569,41 USD) and corresponds approximately to the weighed weekly minimum. The most important resistance is currently described by the exponential moving average over two weeks, which is consistent with the resistance of the current downtrend and is at 3,241.28 EUR (3,873.65 USD). While further support in red and resistances in green have been included, these are the ones that currently determine the medium-term course development.
Let's take a look at the 1D chart:
Furthermore, the course is also here in a downtrend. Currently, the price between the Fib retraction levels is 23.6% and 38.2%. Both levels have been tested recently. The price is still below the exponential moving average over the last two months, but this mean is currently being tested.
The MACD is now negative both with respect to the MACD line and with respect to the signal. Although the distance between the two has declined, but the MACD line is still under the signal The RSI is slightly bearish at 45.
Overall, the long-term forecast is bearish. The most important support is described by the 38.2% Fib retraction level, as shown in the last week, at EUR 2,956.61 (USD 2,531.58). The most important resistance is 23.6% Fib retraction level at 3,425.50 EUR (4,091.66 USD).
Disclaimer: The price estimates presented on this page do not determine a recommendation to buy or sell. They are certainly an estimate of the analyst.
