The Bitcoin price can stabilize for the time being, but has not yet managed to end its sideways phase sustainably. Increased investments in altcoins allow the BTC dominance to be significantly corrected.
The sideways phase of the Crypto Bank price that was used in the previous week continues for the time being. On the upside, the area around 38,000 USD acted as price limiting in the last few days. On the downside, the support area seems to be holding up around USD 34,000 for the time being.
A break out of this trading range in the coming trading days should lead to a directional decision
The BTC price continued to move sideways within a USD 4,000 range this trading week. As long as Bitcoin does not fall below USD 37,770 per day’s closing price and thus permanently abandons the EMA20 (red), there are still opportunities for increase back towards the upper edge of the range at USD 37,910. If the BTC price can rise back above the resistance at USD 35,025 in a timely manner and also recapture USD 36,097, the area around USD 37,910 will again move into the focus of investors. If the bulls manage to dynamically overcome this resistance level, the chart image brightens noticeably. The BTC rate should then target the USD 39,130 area again.
Only when Bitcoin dynamically breaks through this resistance mark is a renewed run-up to USD 40,407 to be expected
If investors regain courage and increasingly rely on a rising BTC price, the likelihood of a price increase increases to the all-time high of USD 41,970. If this chart mark is subsequently surpassed in the long term, an increase to USD 43,703 should initially be planned. This is where the 461 Fibonacci extension from the daily chart runs. If the bulls can break this resistance level, the next major hurdle awaits at USD 45,710. This price level is taken from the monthly chart. Only when the rally noticeably gains momentum again and the psychological mark of USD 50,000 is overcome will there be an increase in the medium term to the chart targets for 2021 at USD 61,694 and USD 77.
The Bitcoin price recently failed to regain the psychological resistance at USD 40,000. Bitcoin failed several times to overcome the resistance at USD 39,130 per day’s close and kept turning south. Bitcoin is currently trading in the EMA20 (red) area at USD 34,500. If the BTC rate falls below the EMA20 (red) at the end of the day and also falls below USD 33,770, a correction widening to USD 32,237 is likely. If the bears manage to sustainably undercut this important support, a correction expansion to the purple support line at USD 29,748 should be planned. The area around USD 30,000 currently acts as a strong support, which is why increased resistance from the bulls is to be expected. Only when this support area is clearly undercut,
At this mark on the chart, investors will try again to move the price back towards USD 30,000. If, on the other hand, the pressure to sell remains and the BTC rate falls below USD 27,563 at the daily closing rate, a correction expansion towards USD 25,752 should be planned. If the bulls fail to come back here, a decline to the support area between USD 23,887 and USD 23,710 is conceivable. This is where the price gap from the CME future price and the breakout level from December 25th run. Should this strong support not stop either, the BTC rate will target 21,892. This bearish price scenario increases the likelihood of a consistency test of the 2017 all-time high of $ 19,884. For the time being, such a strong course correction should be viewed as unlikely.