Bitcoin (BTC) Bounces but Fails to Clear Resistance

The Bitcoin (BTC) price initiated a bounce last week, but failed to invalidate the previous bearish engulfing candlestick.

Nevertheless, Bitcoin is expected to either bounce upwards or consolidate this week. After that, it’s expected to confirm the direction of the longer-term trend.

 

Weekly Bitcoin Close

Two weeks ago, Bitcoin decreased considerably and created a bearish engulfing candlestick. 

BTC bounced last week, creating a small bullish candlestick. However, it failed to even reach the halfway point of the preceding bearish engulfing candlestick. 

Nevertheless, the MACD is increasing and the RSI has clearly generated some hidden bullish divergence. This is a common sign of trend continuation.

On the bearish side, the Stochastic oscillator is showing a decrease in momentum. However, it has yet to make a bearish cross.

BTC Chart By TradingView

When looking at the bearish candlesticks from the 2017 bull run we can see that no considerable decrease followed in week three.  

After the first bearish engulfing candlestick, BTC bounced upwards for five weeks before decreasing again. It also saw relief for three weeks after the second and third bearish engulfing candlesticks. Finally,  it bounced immediately following the fourth bearish candle.

Therefore, based on its history, even if the BTC low is not yet in, it’s likely that BTC will see some relief or consolidation this week.

The hidden bullish divergence supports this possibility along with the potential continuation of the upward movement.

BTC Chart By TradingView

Bitcoin Fails to Break Out

The daily chart shows that BTC is trading above the $44,500 support area. It began the ongoing upward movement with a bounce from this area on Feb. 28, 2021. 

Technical indicators are more bullish than bearish. 

The MACD has finally generated a higher momentum bar after 13 successive lower bars. This is a sign that momentum is turning bullish. 

The RSI has moved back above 50. And even though the Stochastic oscillator has made a bearish cross, it’s gradually turning upwards.

BTC Chart By TradingView

The two-hour chart shows that BTC was rejected by the 0.618 Fib retracement level at $52,475.

However, it’s following an ascending support line that coincides with the minor $49,200 support area. 

As long as Bitcoin is trading above this level, it’s expected to continue moving upwards. If so, will likely make another attempt at breaking out above the 0.618 Fib resistance.

BTC Chart By TradingView

Conclusion

While the direction of the long-term trend is not certain, a bounce or consolidation is expected this week. 

The short-term trend is bullish as long as BTC is trading above the minor $49,200 support area and ascending support line. 

The medium-term trend is bullish as long as BTC stays above $45,500.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 37,641.00 5.04%
ethereum
Ethereum (ETH) $ 2,438.25 0.89%
tether
Tether (USDT) $ 1.01 1.52%
polkadot
Polkadot (DOT) $ 21.32 2.15%
cardano
Cardano (ADA) $ 1.49 1.10%
binance-coin
Binance Coin (BNB) $ 348.81 0.92%
xrp
XRP (XRP) $ 0.859348 2.39%
litecoin
Litecoin (LTC) $ 166.45 2.20%
chainlink
Chainlink (LINK) $ 22.04 0.34%
bitcoin-cash
Bitcoin Cash (BCH) $ 590.88 1.41%
stellar
Stellar (XLM) $ 0.332228 1.46%
usd-coin
USD Coin (USDC) $ 1.01 0.88%
dogecoin
Dogecoin (DOGE) $ 0.321588 1.32%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,503.00 4.57%
uniswap
Uniswap (UNI) $ 21.97 1.47%
aave
Aave (AAVE) $ 297.97 4.57%
cosmos
Cosmos (ATOM) $ 12.04 1.79%
monero
Monero (XMR) $ 254.22 2.20%
eos
EOS (EOS) $ 4.95 1.37%
bitcoin-sv
Bitcoin SV (BSV) $ 167.48 2.91%
tron
TRON (TRX) $ 0.070111 1.70%
nem
NEM (XEM) $ 0.162894 2.02%
iota
IOTA (MIOTA) $ 1.05 0.61%
vechain
VeChain (VET) $ 0.107944 1.78%
tezos
Tezos (XTZ) $ 3.21 0.32%
theta-token
Theta Network (THETA) $ 8.35 4.61%
havven
Synthetix Network Token (SNX) $ 8.73 1.49%
avalanche-2
Avalanche (AVAX) $ 14.59 8.36%
neo
NEO (NEO) $ 47.50 1.57%
terra-luna
Terra (LUNA) $ 5.80 0.50%
dash
Dash (DASH) $ 167.50 2.04%
huobi-token
Huobi Token (HT) $ 13.51 2.67%
okb
OKB (OKB) $ 13.69 2.93%
elrond-erd-2
Elrond (EGLD) $ 82.28 3.37%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.118296 4.68%
the-graph
The Graph (GRT) $ 0.626858 3.76%
compound-ether
cETH (CETH) $ 48.44 0.01%
solana
Solana (SOL) $ 36.90 1.19%
maker
Maker (MKR) $ 3,030.33 2.29%
filecoin
Filecoin (FIL) $ 72.12 2.18%
cdai
cDAI (CDAI) $ 0.021578 0.06%
dai
Dai (DAI) $ 1.01 1.58%
ftx-token
FTX Token (FTT) $ 31.85 2.74%
celsius-degree-token
Celsius Network (CEL) $ 6.84 2.29%
sushi
Sushi (SUSHI) $ 8.28 0.89%
kusama
Kusama (KSM) $ 425.18 3.40%
compound-governance-token
Compound (COMP) $ 310.66 2.39%
zcash
Zcash (ZEC) $ 129.37 1.08%
ethereum-classic
Ethereum Classic (ETC) $ 56.87 1.79%
decred
Decred (DCR) $ 134.76 2.78%
binance-usd
Binance USD (BUSD) $ 1.02 1.14%
compound-usd-coin
cUSDC (CUSDC) $ 0.022357 1.03%
zilliqa
Zilliqa (ZIL) $ 0.100495 0.81%
uma
UMA (UMA) $ 11.49 0.03%
yearn-finance
yearn.finance (YFI) $ 37,381.00 1.13%
leo-token
LEO Token (LEO) $ 2.77 15.48%
pancakeswap-token
PancakeSwap (CAKE) $ 16.13 1.65%
waves
Waves (WAVES) $ 14.92 1.62%
near
Near (NEAR) $ 3.06 3.08%
amp-token
Amp (AMP) $ 0.055429 8.83%
0x
0x (ZRX) $ 0.864129 1.88%
huobi-btc
Huobi BTC (HBTC) $ 37,320.00 4.57%
algorand
Algorand (ALGO) $ 1.04 6.03%
digibyte
DigiByte (DGB) $ 0.055494 1.97%
icon
ICON (ICX) $ 0.911638 1.08%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.189185 0.19%
nexo
NEXO (NEXO) $ 1.94 1.91%
xsushi
xSUSHI (XSUSHI) $ 9.55 0.34%
ethos
Voyager Token (VGX) $ 2.35 4.86%
loopring
Loopring (LRC) $ 0.296407 0.75%
thorchain
THORChain (RUNE) $ 7.53 1.92%
ontology
Ontology (ONT) $ 0.914164 1.10%
renbtc
renBTC (RENBTC) $ 37,369.00 4.47%
nano
Nano (NANO) $ 6.48 4.05%
basic-attention-token
Basic Attention Token (BAT) $ 0.635447 0.39%
omisego
OMG Network (OMG) $ 4.75 0.26%
republic-protocol
REN (REN) $ 0.415049 0.52%
zencash
Horizen (ZEN) $ 81.87 0.04%
bittorrent-2
BitTorrent (BTT) $ 0.003487 1.31%
swissborg
SwissBorg (CHSB) $ 0.670305 5.36%
ravencoin
Ravencoin (RVN) $ 0.074351 4.31%
iostoken
IOST (IOST) $ 0.027770 2.93%
qtum
Qtum (QTUM) $ 8.85 1.12%
paxos-standard
Paxos Standard (PAX) $ 1.01 0.96%
venus
Venus (XVS) $ 24.52 5.84%
blockstack
Stacks (STX) $ 0.873182 3.15%
matic-network
Polygon (MATIC) $ 1.39 7.84%
curve-dao-token
Curve DAO Token (CRV) $ 2.19 1.63%
siacoin
Siacoin (SC) $ 0.015693 5.86%
quant-network
Quant (QNT) $ 55.85 6.68%
bancor
Bancor Network Token (BNT) $ 3.83 0.91%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.028850 4.14%
fantom
Fantom (FTM) $ 0.252483 3.20%
mdex
Mdex (MDX) $ 1.95 0.32%
enjincoin
Enjin Coin (ENJ) $ 1.27 1.74%
energy-web-token
Energy Web Token (EWT) $ 7.77 1.82%
lisk
Lisk (LSK) $ 2.83 1.65%
ampleforth
Ampleforth (AMPL) $ 0.887941 6.86%
balancer
Balancer (BAL) $ 23.03 0.55%
terrausd
TerraUSD (UST) $ 1.02 0.73%
ocean-protocol
Ocean Protocol (OCEAN) $ 0.509023 4.91%
husd
HUSD (HUSD) $ 1.01 0.19%
nxm
Nexus Mutual (NXM) $ 91.66 0.58%
1inch
1inch (1INCH) $ 2.97 9.44%
bitcoin-gold
Bitcoin Gold (BTG) $ 58.28 0.36%
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.71 0.65%
verge
Verge (XVG) $ 0.029062 9.18%
decentraland
Decentraland (MANA) $ 0.676873 0.36%
alpha-finance
Alpha Finance (ALPHA) $ 0.594323 0.82%
flow
Flow (FLOW) $ 11.96 0.26%
band-protocol
Band Protocol (BAND) $ 6.68 0.76%
status
Status (SNT) $ 0.069721 2.92%
dodo
DODO (DODO) $ 1.26 1.55%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 19.92 1.83%
compound-usdt
cUSDT (CUSDT) $ 0.021471 2.20%
xdce-crowd-sale
XDC Network (XDC) $ 0.050451 6.29%
staked-ether
Lido Staked Ether (STETH) $ 2,415.91 0.22%
arweave
Arweave (AR) $ 16.53 11.05%
polymath-network
Polymath Network (POLY) $ 0.216505 8.15%
safepal
SafePal (SFP) $ 0.965127 2.69%
true-usd
TrueUSD (TUSD) $ 1.02 1.12%
zkswap
ZKSwap (ZKS) $ 0.679935 3.54%
polkastarter
Polkastarter (POLS) $ 1.31 0.65%
ethlend
Aave [OLD] (LEND) $ 2.90 2.81%
helium
Helium (HNT) $ 12.80 0.54%
civic
Civic (CVC) $ 0.259136 0.46%
pundi-x
Pundi X [OLD] (NPXS) $ 0.001521 20.77%
kava
Kava.io (KAVA) $ 3.69 0.89%
golem
Golem (GLM) $ 0.275719 6.02%
harmony
Harmony (ONE) $ 0.079853 3.41%
nucypher
NuCypher (NU) $ 0.307394 6.06%
holotoken
Holo (HOT) $ 0.007653 2.48%
nusd
sUSD (SUSD) $ 1.01 0.12%
electroneum
Electroneum (ETN) $ 0.007377 4.79%
nervos-network
Nervos Network (CKB) $ 0.018498 2.17%
derivadao
DerivaDAO (DDX) $ 2.16 9.90%
district0x
district0x (DNT) $ 0.143310 1.44%
bitcoin-diamond
Bitcoin Diamond (BCD) $ 2.88 1.35%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.356558 1.17%
rif-token
RSK Infrastructure Framework (RIF) $ 0.181746 1.57%
swipe
Swipe (SXP) $ 1.86 7.30%
gnosis
Gnosis (GNO) $ 174.01 1.62%
numeraire
Numeraire (NMR) $ 38.51 1.50%
rook
KeeperDAO (ROOK) $ 154.34 5.53%
kucoin-shares
KuCoin Token (KCS) $ 8.34 3.31%
btc-standard-hashrate-token
BTC Standard Hashrate Token (BTCST) $ 27.63 3.26%
aragon
Aragon (ANT) $ 4.42 8.28%
fetch-ai
Fetch.ai (FET) $ 0.268495 1.73%
litentry
Litentry (LIT) $ 3.29 3.30%
funfair
FUNToken (FUN) $ 0.020662 1.44%
chiliz
Chiliz (CHZ) $ 0.274938 4.28%
seth
sETH (SETH) $ 2,496.76 3.25%
oasis-network
Oasis Network (ROSE) $ 0.067568 1.01%
injective-protocol
Injective Protocol (INJ) $ 7.69 0.23%
vethor-token
VeThor Token (VTHO) $ 0.007858 3.25%
saffron-finance
saffron.finance (SFI) $ 399.31 2.42%
augur
Augur (REP) $ 18.16 2.60%
the-sandbox
The Sandbox (SAND) $ 0.269617 0.58%
singularitynet
SingularityNET (AGIX) $ 0.196944 6.60%
secret
Secret (SCRT) $ 1.32 0.06%
telcoin
Telcoin (TEL) $ 0.030596 4.76%
serum
Serum (SRM) $ 3.80 3.56%
gatechain-token
GateToken (GT) $ 3.96 2.91%
mainframe
Hifi Finance (MFT) $ 0.008289 5.12%
sbtc
sBTC (SBTC) $ 38,495.00 7.13%
compound-uniswap
cUNI (CUNI) $ 0.430908 0.60%
ardor
Ardor (ARDR) $ 0.166220 2.91%
vai
Vai (VAI) $ 0.904782 1.45%
utrust
UTRUST (UTK) $ 0.305355 3.60%
prometeus
Prometeus (PROM) $ 13.84 3.85%
reddcoin
Reddcoin (RDD) $ 0.002842 2.93%
monacoin
MonaCoin (MONA) $ 1.88 3.48%
noia-network
Syntropy (NOIA) $ 0.195458 3.14%
compound-0x
c0x (CZRX) $ 0.017248 4.47%
wink
WINkLink (WIN) $ 0.000440 1.81%
ankr
Ankr (ANKR) $ 0.084616 0.22%
bytom
Bytom (BTM) $ 0.075916 1.53%
rocket-pool
Rocket Pool (RPL) $ 11.06 6.04%
origintrail
OriginTrail (TRAC) $ 0.315222 0.07%
steem
Steem (STEEM) $ 0.448990 13.50%
maidsafecoin
MaidSafeCoin (MAID) $ 0.712838 4.55%
tomochain
TomoChain (TOMO) $ 1.53 3.97%
edgeware
Edgeware (EDG) $ 0.009818 3.06%
skale
SKALE (SKL) $ 0.297291 2.90%
stratis
Stratis (STRAX) $ 1.28 1.42%
hegic
Hegic (HEGIC) $ 0.103461 1.60%
komodo
Komodo (KMD) $ 1.12 3.51%
bitshares
BitShares (BTS) $ 0.046958 2.32%
unibright
Unibright (UBT) $ 1.04 3.46%
coinmetro
CoinMetro (XCM) $ 0.372821 5.68%
ark
Ark (ARK) $ 1.08 2.54%
mirror-protocol
Mirror Protocol (MIR) $ 3.74 0.15%
keep-network
Keep Network (KEEP) $ 0.422420 7.03%
neutrino
Neutrino USD (USDN) $ 1.02 1.06%
iexec-rlc
iExec RLC (RLC) $ 3.36 0.38%
harvest-finance
Harvest Finance (FARM) $ 57.69 4.39%
iotex
IoTeX (IOTX) $ 0.022834 0.93%
badger-dao
Badger DAO (BADGER) $ 12.49 1.77%
redfox-labs-2
RedFOX Labs (RFOX) $ 0.069642 0.32%
empty-set-dollar
Empty Set Dollar (ESD) $ 0.057339 3.86%
ultra
Ultra (UOS) $ 0.373756 0.07%
wanchain
Wanchain (WAN) $ 0.727260 1.99%
iris-network
IRISnet (IRIS) $ 0.078752 3.23%
perpetual-protocol
Perpetual Protocol (PERP) $ 8.19 5.81%
trustswap
Trustswap (SWAP) $ 0.986809 1.46%
tokenlon
Tokenlon (LON) $ 3.63 3.01%
orion-protocol
Orion Protocol (ORN) $ 7.20 3.99%
titanswap
TitanSwap (TITAN) $ 4.14 4.34%
tether-gold
Tether Gold (XAUT) $ 1,879.58 0.02%
wax
WAX (WAXP) $ 0.147451 8.90%
yfii-finance
DFI.money (YFII) $ 1,787.92 5.73%
aelf
aelf (ELF) $ 0.206148 1.65%
haven
Haven (XHV) $ 10.37 7.45%
pax-gold
PAX Gold (PAXG) $ 1,932.93 1.56%
defipulse-index
DeFiPulse Index (DPI) $ 297.18 0.13%
math
MATH (MATH) $ 1.41 0.13%
api3
API3 (API3) $ 3.24 21.09%
sora
Sora (XOR) $ 282.96 14.18%
dent
Dent (DENT) $ 0.003211 0.89%
loom-network
Loom Network (OLD) (LOOMOLD) $ 0.063704 11.50%
nftx
NFTX (NFTX) $ 53.92 1.21%
gala
Gala (GALA) $ 0.009380 0.91%
axie-infinity
Axie Infinity (AXS) $ 3.91 0.89%
beefy-finance
Beefy.Finance (BIFI) $ 1,130.72 3.33%
swingby
Swingby (SWINGBY) $ 0.105914 3.08%
parsiq
PARSIQ (PRQ) $ 0.675066 4.78%
akropolis
Akropolis (AKRO) $ 0.020414 1.66%
nest
Nest Protocol (NEST) $ 0.012587 12.94%
stakehound-staked-ether
StakeHound Staked Ether (STETH) $ 3,719.75 0.00%
akash-network
Akash Network (AKT) $ 3.07 5.65%
cream-2
Cream (CREAM) $ 157.47 13.77%
auto
Auto (AUTO) $ 1,053.49 0.28%
storj
Storj (STORJ) $ 0.918220 0.20%
e-radix
e-Radix (EXRD) $ 0.149642 6.93%
hive
Hive (HIVE) $ 0.363721 9.50%
chainx
ChainX (PCX) $ 6.62 11.40%
wrapped-nxm
Wrapped NXM (WNXM) $ 60.97 2.00%
hathor
Hathor (HTR) $ 0.454059 11.73%
gemini-dollar
Gemini Dollar (GUSD) $ 1.03 1.73%
frontier-token
Frontier (FRONT) $ 0.741005 3.11%
everid
Everest (ID) $ 0.371691 2.94%
lto-network
LTO Network (LTO) $ 0.222813 1.11%
power-ledger
Power Ledger (POWR) $ 0.202198 1.02%
livepeer
Livepeer (LPT) $ 26.69 3.03%
xdai-stake
xDAI Stake (STAKE) $ 10.47 39.78%
rari-governance-token
Rari Governance Token (RGT) $ 5.37 3.15%
cashaa
Cashaa (CAS) $ 0.028213 0.93%
energi
Energi (NRG) $ 1.93 2.73%
bytecoin
Bytecoin (BCN) $ 0.000457 1.59%
duckdaodime
DuckDaoDime (DDIM) $ 12.92 10.73%