Lack of solidity? Bitcoin (BTC) appears to have started a timid bullish rally in recent days. The reality of the markets is however much more nuanced according to the time scales.
The daily bitcoin price (BTC) is offered to you in collaboration with the Coin trading and its algorithmic trading solution finally accessible to individuals.
Head above $ 52,000: bullish recovery confirmed?
Bitcoin goes up to around $ 52,030 on Bitfinex today, December 27, 2021. It is trading at $ 51,233 at the time of writing, and is currently registering a daily gain of 1.79%.
Now that the bulls have made a foray above $ 52,000, is bitcoin really on the path to a bullish recovery ? Trader Rekt Capital shared in his tweet today a chart showing the weekly changes in bitcoin, to show that, just like in May, June and July 2021, bitcoin continues to consolidate in the demarcated area by the 50 week exponential moving average as support, and by the 21 week exponential moving average as resistance.
Bitcoin must close the week above this resistance which is around $ 51,700 to get out of this consolidation zone and end the bearish correction which started in mid-November 2021.
Bullish or bearish trend: a matter of time
If trader Rekt Capital still seems to hesitate before asserting that bitcoin has indeed exited the downtrend that has set in over several weeks, analyst Lark Davis has meanwhile shared a chart showing a bitcoin breaking this downtrend on December 23, 2021.
Lark Davis and Rekt Capital, however, argue on different time scales. For Lark Davis, bitcoin is already bullish on a daily basis, while for Rekt Capital, bitcoin has yet to break this resistance formed by the 21-week exponential moving average to become bullish again on a weekly basis.
If bitcoin does manage to close this week above this resistance mentioned by Rekt Capital, will the markets finally see the last bullish rally of this cycle? Bitcoin starts the last week of 2021 in the green, but it now has less than a week to win back the $ 57,000 to be able to close this last month of the year with a bullish candlestick.
Is it possible to be a winner every time? Whether the bitcoin price is in great shape, or going through turbulence, Coin Trading offers you to increase your chances of success. Indeed, Trading Du Coin allows individuals to access a trading tool algorithmic and 100% automated. A real trend mechanism, this tool was designed to adapt to market reversals and position itself on the most dynamic crypto assets of the moment.