Bitcoin price is becoming more and more stagnant as its swings within the very narrow range from more than a month. However, many expect a strong upward trend reversal may soon knock on the doors. But the technicals suggest no room for any upside movement in the near future. However, the BTC price is still pretty much bullish in the long-term and is capable of reaching its ATH probably by the end of Q1 2022.
Technical Indicators & Pivot Points
Oscillators/Pivot PointsShort-Term / ActionLong Term / ActionStochRSI78.06 / Neutral17.81 / NeutralMACD (12, 26)-41.4 / Buy-1307.6 / BuyMoving Average (MA) – 50$46,500 / Sell$51,104 / SellMoving Average (MA) – 200$47,300 / Sell$49,100 / SellResistance$47,360$52,695Support$45,362$41717
The StochRSI in the short-term and long-term is neutral and hence no significant price change may be expected. However, the MACD points towards a buy signal in both cases, indicating a good time to buy and HODL Bitcoin.
Chart Patterns Suggests A Strong Bullish Reversal is Imminent
Bitcoin price in a larger time frame appears to be pretty bullish. No doubt in the smaller time frame, the asset could undergo numerous ups and downs, yet it is much required for a healthy rally. And hence in the upcoming days, BTC price could initiate with a recovery that may range high to hit the resistance levels very soon.
The Bitcoin price in the long term is trending within a huge raising wedge and the apex is pretty far-off
The asset visited the lower support levels in mid-July, and quickly flipped and jumped to hit the upper resistance levels
BTC price is yet again hovering around the lower support levels after a long gap and hence a similar action is anticipated during the upcoming rally
If Bitcoin follows the same pattern, then it may reach the upper resistance levels which reside around the current ATH which may be followed by yet another correction
However, following a surge and correction, the price is primed to range close towards the apex of the wedge and later one can expect a notable pullback or correction.
Overall, the BTC price may be pretty bearish but with small price movements, the asset may flip the bearish divergence. And hence in the short-term, Bitcoin may fluctuate within the consolidation, yet in the long-term BTC price is thriving.