Buyers are back – The course of Bitcoin takes advantage of the weekend to regain color. Indeed, the BTC is currently evolving around $28,000, the price is up 4% since Friday. For its part, Ethereum is trying to regain the level at $1,900. Can the increase experienced this weekend continue, or was it just a trap for buyers?
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Bitcoin price climbs 2.3% in 24 hours
Buyers are trying to regain control, but the week has only just begun. Bitcoin price climbs 2.3% in 24 hours :
Now, the price of BTC is positive over a week. It displays a 3.4% increase in one week. However, the price still falls by 5% in one month. The BTC/ETH pair is maintained for a week, but it drops by more than 4% in one month.
Risk of rejection at the resistance level at $29,000 for Bitcoin price
On a weekly basis, buyers showed themselves at the institutional bias (EMA 9/EMA 18) bullish. It was necessary to react to avoid a new fall which could have brought the price back to the level of the rack at $24,500 :
The course is approaching the resistance at $29,000. It will be necessary to break this resistance and close above the last peak at $30,950 to avoid marking a double top. Indeed, if the price falls and closes below the last lowest marked at $25,800, the momentum would turn bearish on a weekly basis. On the other hand, if the buyers manage to close the price above the last high, the price could aim for the moon with a next historic weekly resistance at $38,000. The RSI needs to regain momentum with ascending lows and highs for buyers to maintain momentum.
Bitcoin price changes short-term momentum
Thanks to the upward movement experienced this weekend, the BTC change of dynamic in 4 hour time unit. Indeed, the price closed above $27,650 and again marks a dynamic with troughs and ascending peaks:
Currently, the price is approaching the level of rack at $27,500. Buyers have to show up here to try once again to break the resistance at $28,500. On the other hand, if the price breaks the support, the price could once again head towards the bracket at $26,700.
The RSI reacted well below the bullish trendline. The RSI must continue to show momentum with rising lows and highs above the bullish trendline so that the buyers keep the momentum.
The price of Bitcoin regains color this long weekend. However, the price could be rejected at the resistance level on a weekly basis. Buyers should hold the last low marked at $25,800, and push for the price to close above $30,950. In the short term, BTC must hold the support level at $27,500 to avoid sliding once again towards the next support at $26,700.
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