Since the end of January, the value of Bitcoin has risen by almost one hundred euros and is currently at 963.41 EUR (1,039.09 USD).
Summary of the Bitcoin code review
By the end of January, the price was trading around EUR 861.42 (USD 929.08), tested in the Bitcoin code review.
On January 31st, the price began to rise rapidly. This upward trend was interrupted on the 3rd by a plateau at around 942.65 EUR (1,016.70 USD).
An important resistance is currently being tested, so the price is now at 963.41 EUR (1,039.09 USD).
This pleases the heart of the Bitcoin Holder: After the price bounced at the support line described by the EMA100 on January 31st, the value of a Bitcoin rose again above the magic 1,000 dollar limit within the next few days. But that’s not all: After the Bitcoin price was trapped for some time just below an important resistance at 951.34 EUR (1,026.07 USD), it is now trying to break out.
A short word (and a picture) to understand this resistance: The said EUR 951.34 is the value that the price wanted to overcome on January 6 – unsuccessfully at that time. From another point of view, it is the Fibonacci retracement level of 61.8%, if you look at these levels between the maximum price on January 5th and the minimum price on January 12th: The level is currently hotly contested by bears and bulls.
Who is ahead in terms of indicators of a Bitcoin code scam?
The MACD (second panel from above) is clearly positive, even more so: https://www.forexaktuell.com/en/bitcoin-code-scam/ the MACD line (blue) is clearly above the signal (orange), which speaks for quite strong bulls.
At 77, the RSI (third panel from above) is clearly Bitcoin code scam bullish, but in areas that are often referred to as overbought. Should we – as at the end of last year – move within a rally, we should pay less attention to this „overbuying“, but this strong resistance could also suggest that there will be a slight catch of breath in the price.
The chaikin oscillator (lower panel) is positive and confirms the overall bullish picture.
The 60min chart therefore clearly looks bullish in terms of price development. Also the very large distance to the EMA100 is a bullish sign. Let us now look at the medium and long-term price developments to see whether this bullish assessment can also be made there.
The long-term course development
Let’s first look at the 240min chart:
Even though – as seen in the 1D chart – the price continues to follow the trend from the beginning of October, I would like to point out a new trend that is forming: Blue is the bullish trend the price has been following since January 12th. This trend was tested on January 25th and January 31st, otherwise the price remained stable above it.
I suspected last week that the price was within an upward pointing triangle pattern. Since there was little data for this assumption, I had not drawn in this pattern. However, this assumption did not seem to be completely wrong, as the price has risen significantly since the end of January.
Also in the 240min display, the indicators are all extremely positive:
The MACD is above zero, the only worry one can have is that signal and MACD line are currently fighting for the upper hand. Also in this chart, the RSI is bullish and overbought and also here the Chaikin oscillator is positive. The indicators speak a bullish language here as well.
This positive picture is confirmed by the 1D chart:
The MACD is now clearly positive; both the MACD line and the signal are in positive territory. The RSI stands at 67 and is clearly bullish. Finally, the Chaikin oscillator is also positive and completes the overall positive picture.
I am a friend of Pattern: Here I have entered the price development since October and the price since mid-January. We see that these two trends overlap – and that the price has broken out of this pattern, which is similar to a triangle pattern, with the price development of the last few days. Whether this development is stable will be seen in the near future.
Either way, we are looking at a clearly bullish picture – and can therefore also be a look into the future! Of course, we will have to consider how strong the current resistance is, but if it is breached, a new rally could take place. But since price, trend and indicators are positive in all charts, I am very optimistic.