Bitcoin price is stagnating at the golden ratio resistance at around $17,200. Both scenarios are still possible: both a bull breakout and a bear rejection.
The price of Bitcoin can now rise dramatically
Inside latest bitcoin price forecast we wrote: “Bitcoin price was initially bearishly rejected around $16,500 by the 50-4H-EMA to adjust to gold ratio support around $15,900. Once there, the BTC rate can bounce strongly.
Bitcoin price then managed to break through the 50-4H-EMA resistance at around $16,500, which means Bitcoin price can now move to the next Fibonacci resistance at around $17,750. There, BTC price is also facing the 200-4H-EMA resistance around 17,520.
Bitcoin price formed an inverted head and shoulders price pattern and went higher
Bitcoin price has formed an inverse reversal head and shoulders price pattern and has gone up very strongly. Bitcoin price then reached the 200-4H EMA at around $17,369 and BTC was initially rejected in a bearish fashion. However, Bitcoin now appears to be supporting the 50-4H EMA at around $16,910.
If this support holds, BTC may try again to break the 200-4H EMA resistance around $17,369. However, the MACD lines are still a bearish crossover, and the MACD histogram has also been bearishly lower so far.
Meanwhile, the RSI is neutral and does not give either bullish or bearish signals.
Bitcoin price is still struggling with gold ratio resistance around $17,200
Bitcoin price is still fighting the golden ratio resistance around $17,200, a break of which means the 50-day EMA will rise to the next Fib resistance around $17,800. However, if BTC is rejected in a bearish fashion, BTC could correct to the next Fib support around $16,675 or even to the golden ratio around $16,200.
Otherwise, Bitcoin finds major support between $15,465 and $15,865. Also, the MACD histogram has been significantly lower since yesterday. However, the RSI is neutral and the MACD lines are still crossed.
Bitcoin price is in a very bearish wedge price pattern on the weekly chart
On the weekly chart, the price of Bitcoin is falling, but the ceiling is still far away. To do this, BTC should first break the golden ratio to around $19,250.
Otherwise, the MACD histogram has been very high since last week. Also, the MACD lines on the weekly chart are still bullish. However, from a bearish perspective, the EMA is dangerously close. Because this could set up a death cross on the weekly chart, which would confirm a medium-term bearish trend.
On the monthly chart, the MACD histogram is still very much higher
However, on the upside, the MACD histogram is still very much higher on the monthly chart, even though November was very low for BTC. However, BTC could crash very hard if Bitcoin breaks the current support from around $15,465 to $15,865.
Because then the next significant BTC price support will be waiting only between $10,760 and $13,880.
Will Bitcoin’s dominance collapse?
Bitcoin dominance is still in the 39% to 41.3% support zone. The Golden Section acts as significant Fib resistance at around 42.5%.
If Bitcoin holds support from 39% to 41.3%, Bitcoin may fall to ATL to around 35.41%. However, if Bitcoin breaks the gold ratio resistance at around 42.5%, Bitcoin dominance could increase to around 52.5%.
The zeal is that the MACD histogram has been very high for several months, and the MACD lines have crossed very high on the monthly chart.
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