Bitcoin price continues its bullish momentum from last week, and after touching a low of $25,838 on May 12, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of $28,500-$29,000.
We can clearly see a hammer pattern above the $25,838 handle on the H1 timeframe.
Bitcoin today continues to move in a consolidation phase, after which we can see upside moves towards the $27,000 handle.
Both the STOCH and Williams’s percent range are in overbought zones, which means that in the immediate short term a decline in the price is expected.
We can also see the formation of a bullish harami pattern in the 15-minute and weekly timeframes.
The relative strength index is at 48.98, indicating a neutral demand for Bitcoin and the continuation of the consolidation in the markets.
Bitcoin price is now moving above its 100-hour simple moving average and its 100-hour exponential moving average.
Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of $27,500 and $28,500.
The average true range indicates low market volatility with mild bullish momentum.
- Bitcoin price bullish continuation is seen above $25,838.
- The RSI remains below 50, indicating a neutral market.
- The Bitcoin price is now trading below its pivot level of $27,242.
- The short-term range is mildly bullish.
- Bitcoin price is ranging near the support of the channel and triangle.
Bitcoin Bullish Continuation Seen Above $25,838
The Bitcoin to USD exchange rate entered into a consolidation zone above the $25,000 handle after which we can see the start of the bullish moves.
There is a bullish trend reversal pattern with 200 and 50-period adaptive moving averages in the 2-hour timeframe.
The Aroon indicator is giving a bullish trend signal in the 30-minute timeframe.
We have also seen a bullish harami cross pattern located in the 15-minute timeframe.
A support zone is at $25,881, which is a 1-month low, and at $26,624, which is a 38.2% retracement from 13-week high.
BTCUSD is now facing its classic resistance level of $27,280 and Fibonacci resistance level of $27,303, breaking which the price will be able to move to $28,000.
The price is above the Ichimoku cloud in the 15-minute timeframe.
The short-term outlook for Bitcoin is mildly bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.
The Week Ahead
We can see that on a daily chart, Bitcoin remains well supported above the $25,000 handle and there is a medium-term continuation pattern, with the current support at $25,281, which is a 50% retracement from 13-week high/low.
The immediate expected target is $28,000, after which we may see some consolidation in the $28,500 zone.
Monthly RSI is at 49.38, which indicates the neutral market and the shift towards the consolidation zone in the medium-term range.
We can see the formation of a bullish trendline from $25,838 to $27,690.
The BTCUSD is now facing resistance at $27,682, which is a 38.2% retracement from 4-week low, and at $27,786 at which the price crosses the 9-day moving average.
The weekly outlook for Bitcoin price is projected at $28,500 with a consolidation zone of $28,000.
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