A relief green – The price of Bitcoin (BTC) continues to attack the resistance zone below $22,000, as traders expect to see further upside in the very near term overall.
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Bitcoin price technically bullish
Bitcoin price rises to $21,809 on Bitfinex today, August 25, 2022. Cryptocurrency trades at $21,579 at the time of writing this article. Its price is currently registering a daily gain of 1%.
Although the price of Bitcoin still fails to break through this resistance zone around $21,850, the cryptocurrency seems to continue its ascent in the very short term.
Trader Rekt Capital shared a 4-hour Bitcoin price chart, which shows that Bitcoin is “ in an upward technical trend for about 5 days “.
Rekt Capital believes that as long as this “bullish technical trend holds,” Bitcoin should be able to “enjoy some upward acceleration.”
Bitcoin will follow in the footsteps of equities
Trader il Capo of Crypto also issued a bullish forecast for Bitcoin, for the very short term. He bases his views on stock movementand more specifically on that of the SPX, which rebounded “on the support as expected”, and which would be about to form a “lower high”.
For the trader, “it is only a matter of time before” the price of Bitcoin does the same, rising towards the $23,000 – $23,500only to experience “a rejection from there and a continuation of the downward trend”.
Strong support for RSI and BTC
The graph shared by analyst Matthew Hyland provides another perspective on these forecasts.
The chart shows that the 4-hour Bitcoin price is trading in a bullish channel, as is the 4-hour RSI. He shows a similarity between the fluctuations of the cryptocurrency price and the value of the indicator.
The theoretical and logical conclusion would therefore be to see a continuation of the current rises in the very short term, as long as the RSI continues to rise. stand above its supportas shown in the graph above.
Significant disruptive events
Despite this bullish outlook in the very short term, trader Michaël van de Poppe recalls the holding important events for tomorrow with eyes on US Federal Reserve Chairman Jerome Powell on the Personal Consumption Expenditure Price Index, and “on the EUR/USD return above 1.01”.
For Michaël van de Poppe, it would thus be “not surprising to see a slight correction before the event », considering of fear – rational or irrational – traders and investors who anticipate “a negative impact of tomorrow’s event”.
This encouraging outlook in the very short term is supported by a crossover of two moving averages, which has been followed by a sustained rise in the price of Bitcoin in the past.
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