Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!
Have a great day,
CRYPKYP Team
Bitcoin (BTC) has been trending higher since January 24 and may be on the verge of forming a new bullish formation. The fact that the price is trading above this range, however, might be interpreted as a bullish indicator.
The $40,500 level has been critical in influencing the BTC price direction since May 2021. The area served as resistance twice (red icons), before switching back to support (green icons). The area has not worked as a resistance or support since the breakdown on Jan. 21 (red icon), as BTC has moved above and below it multiple times.
The area has not worked as a resistance or support since the breakdown on Jan. 21 (red icon), as BTC has moved above and below it multiple times.
The fact that the price is trading above this range, however, might be interpreted as a bullish indicator.
Since January 24, BTC has been following a rising support line. It has been proven four times thus far, with positive technical indications.
The MACD, which is made up of short and long-term moving averages (MA), is rising and has passed into the positive zone.
The RSI, a momentum indicator, is likewise rising and now stands above 50. Both of these readings are considered bullish trend indicators.
The last time these signals were seen together (green circle) was in October 2021, just before a surge of 41.60 percent happened.
As a result, it’s possible that a similar upward trend will emerge this time.
Future Directions
If the upward trend continues, the primary resistance level between $44,500 and $46,700 will most certainly be hit. The first is a horizontal level that has previously rejected BTC four times, while the second is the 0.382 Fib retracement resistance level.
BTC is also expected to rise in the near future, according to the most likely wave count.
If the price can clear this range, it will almost certainly accelerate swiftly.
However, since March 7, BTC has been trading inside an upward parallel channel on the two-hour chart. On March 22, its resistance line rejected the price (red icon), indicating that such channels generally contain corrective movements.
Furthermore, because the MACD has created bearish divergences (green lines), a short-term decline is conceivable before the rising trend may continue.
