Bitcoin (BTC) Pushes to Reclaim Previous All-Time High Resistance

Share Article
In Brief
  • Bitcoin has support at $57,800.

  • BTC has broken out from and retested an ascending support line.

  • BTC is likely in the final sub-wave of a bullish impulse.

  • promo

    Want to learn how to trade? Get a beginners guide from _BeInCrypto Academy_ now!

The Trust Project is an international consortium of news organizations building standards of transparency.

The Bitcoin (BTC) price is in the process of reclaiming the previous all-time high resistance area at $57,800.



Bitcoin is expected to be successful in reclaiming this level and gradually moving towards a new all-time high price.

Bitcoin Attempts Reclaim

BTC has been moving upwards over the past three days, more specifically since reaching a low of $53,271 on March 16. 



Today’s movement is very important. Bitcoin is in the process of reclaiming the $57,800 area, which previously acted as the all-time high resistance. If the current daily candlestick closes above it, it would confirm that the area is now a support. 

In addition, technical indicators are turning bullish. The Stochastic oscillator has already made a bullish cross, the MACD is positive, and the RSI is above 50.

BTC Chart By TradingView

Short-Term Breakout And Retest

The six-hour chart also supports this possibility. 

Bitcoin has already broken out from and retested a descending resistance line. The retest left a long lower wick behind, which also had a bullish close. 

In addition, this validated the $57,00 area as minor support. 

Both the MACD and RSI support the continuation of the upward move towards a new all-time high price.

BTC Chart By TradingView

Wave Count For Bitcoin

A look at the short-term count suggests that BTC is in the fifth and final sub-wave (black) of wave five (orange).

A confluence of Fib levels provides a target between $67,000-$68,500. The latter is more likely to act as the top, due to being the target of two different Fib extensions.

A Bitcoin drop below the red line, which is the previous lower high of $54,124, would suggest that the upward movement has ended. 

For the longer-term wave count, click here.

BTC Chart By TradingView

Conclusion

Bitcoin is expected to reclaim the $57,800 area. After that, it’s likely to gradually increase towards a new all-time high price.

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.
Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Trade with the Best Crypto Signals - guaranteed profits with over 70% accuracy

Join now

Want to learn how to trade? Get a beginners guide from BeInCrypto Academy!

Learn now

Bybit Bonus Bash. $1,000 Bonus to be Won!

Join now