Analysis: Bitcoin gives small reactions at the price of 67,000 dollars

Bitcoin has been relatively quiet for a number of days. The coin managed to rise above an important resistance, where the price now finds its rest. It seems as if Bitcoin will sit out the weekend and may only become more volatile again next week. Let’s look at the graphs.

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The big picture

We’ll start this week with a look at the daily chart. Here each candle represents 24 hours, giving us a good idea of ​​the most important price levels. The trend is also clearly visible here (indicated by orange arcs), which has recently changed from downward to upward.

The big red zone is a strong price level between the prices of $ 62,000 and $ 67,000. This place has often provided both resistance and support, and it now fulfills the function of support. When the price rose above 67,000 dollars, the currency was able to find peace here.

This increase – through the red zone – was accompanied by a higher high. This was conclusive proof that Bitcoin had also broken its downward trend. When the coin starts making higher (highs and lows) it is usually a harbinger for the rest of the price.

Judging from this daily chart, we can therefore assume that the coin is in very good shape. There are few signs that things are going in a bad direction. This can happen – if the currency falls back into a downward trend, or loses the red zone, for example – but that chance is becoming increasingly smaller.

Small comments on $67,000

To analyze this better, let’s also briefly look at the 4-hour chart. Here each candle represents 4 hours. We see here, as indicated earlier, that the price remains very calm in the red zone.

When Bitcoin drops a little bit, it responds almost immediately by making a small rise. So it looks like – as it usually goes on weekends – that the currency won’t do much until next week.

It is also worth mentioning that Bitcoin still has to make a higher low somewhere (since the coin has just made a higher high). Whether that is this spot (at $67,000) is not clear, but it would be the most positive scenario at the moment. It would be in line with the constant small reactions at the top of the zone.

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