Bitcoin (BTC) has been consolidating just below that $59,500 resistance area over the past week.
The short-term bitcoin trend is still undetermined. Whether BTC breaks out above the short-term resistance line or breaks down below minor support will likely determine the direction of its trend.
Ongoing BTC Rejection
BTC has been moving downwards since getting rejected by the $59,500 resistance area on April 6.
The decrease has been gradual, but technical indicators are still bearish.
The MACD has crossed into negative territory and the RSI is at risk of falling below 50.
The next closest support levels are found at $56,500 and $55,300.
The two-hour chart shows that BTC is also following a descending resistance line.
However, there is no support line in place and technical indicators are neutral.
Therefore, the direction of the short-term trend cannot be determined.
A breakout from the descending resistance line or a breakdown from the $56,500 support area would be required for a more accurate prediction of its trajectory.
The latter could cause it to fall back to $55,300, while the former could take BTC to a new all-time high price.
The wave count indicates that BTC is in the fifth and final sub-wave (orange) of a long-term bullish impulse.
It has just begun a new sub-wave, which has a potential target between $83,500-$90,000.
The minor sub-wave count is shown in black.
Bitcoin still looks bullish in the long-term and is expected to make a new all-time high soon.
However, the direction of the short-term trend cannot be determined at the current time.