Over the last few days, the market stagnated as it hit around $ 134 billion and found resistance there when the bullish sentiment was halted.
On the global chart, you can see that the rating gradually shifts trends as it first fell out, but did not form a small downtrend, forming an ark around the level from which it had previously fallen.
The market today is in mixed colors, with a negligible percentage of the 24-hour change in the top 100 coins, as the valuation has not changed significantly from yesterday's openings by $ 133 billion, as it is currently at $ 133.2 billion.
Among those who showed the largest percentage of change and are in the green, Enjin Coin has risen more than 59% today, followed by Aurora with an increase of 48.23%. The range is 10% like Chainlink and Icon.
The market dominance of Bitcoin was at about the same level, but with a slight increase of currently 51.68%.
Bitcoin BTC / USD
At yesterday's opening, the price of Bitcoin was $ 3,954, and from there the price initially rose to $ 3,987, then dropped to $ 3,945, then rose again to $ 3,994.4 and then dropped back to $ 3,968.
Looking at the hourly chart, you can see that the price movement has continued to produce marginally higher highs and higher lows as it is still in the ascending channel. However, an interaction with the horizontal resistance has now been made at $ 3994.4. Now we will see if the price is declined or we see another increase.
The price is above the Fibonacci level of 0.618 which serves as a support, but the tight horizontal spread in which the price action currently resides makes it difficult to maintain the bullish momentum, which is why we have this ascending channel near the aforementioned levels It's most likely a cluster where buyers are the sellers fighting for control.
Buyers are currently in control as price moves in an uptrend. However, this could lead to exhaustion, which would allow sellers to take control, which would then lead to an outbreak down.
The other possible scenario would be for the sellers to stop temporarily as they would be willing to sell at a better price, so they could stop defending the spread, thereby eliminating the current resistance to which the price is exposed.
If this logic is put into practice, there will be another impulsive surge, with the price possibly exceeding the previous high of $ 4261, although the next significant resistance point is $ 4063, which must be broken, whereupon the Fibonacci Value of .786 at 4130 USD serves as resistance.
When zooming in on the 4-hour chart you can see my projection, where the price rises from here by another impulsive move up. This would be another 3-wave correction, similar to what we saw after the inter-W wave ended in a small WXYXZ correction. This fractality could be another indication that the correction will be extended by two more waves, of which we will see the formation of the second wave X in this case.
If true, Bitcoin's price is set to interact with the intersection between the falling wedge resistance and the rising triangle's resistance point in the correction range, which would be approximately $ 4235, before being rejected by that resistance node which will drive down the price for further correction.
Mood of the market
Bitcoin's hourly chart chart signals a strong buy.
As the price of Bitcoin rose in an ascending channel, it reached the expected resistance at $ 3994.4
We will now see if the price is declined, or buyers will get more momentum to break up.
With a breakthrough up, the first significant resistance point would be $ 4068. However, if the price gets the necessary momentum, it will most likely continue on a small retracement, with the first optimal target at $ 4235.
After this further downside, we would expect $ 3500 USD if we see the second wave X from the long-lasting correction.
The post-bitcoin price forecast: Breakout could get us over $ 4200 first appeared on Blockonomi.
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Contribution Source: Bitcoin Price Prediction: Breakout could take us beyond $ 4200
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