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Bitcoin Price Rally May Hit $200k Only if It Clears These Levels!

Highlights

    Bitcoin price is attempting very hard to sustain around the target close to $60K.

    The price at which Bitcoin experience multiple rejections, is the strong resistance levels to break

    Also, the price showcases a clean confirmation of support within a triangle, manifesting a possibility of a breakout

Bitcoin Price at the Neckline!

As Coinpedia reported earlier that the bitcoin price rally may showcase a probable breakout, it appears that the event is fast approaching. As analyst PlanB predicts $100K to $288K Bitcoin price by year-end, the price needs to surge and hold strong above the current levels. 

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The BTC price has got rejected multiple times at $60,000 and hence, these levels become a strong resistance level. And hence breaking these levels may propel the price rally to the highest levels, maybe above $100K too. 

Fortunately, the previous week close was above the resistance level around $57,000 which has now flipped into new support levels. Therefore, as predicted by one of the analysts, the price should be able to rebound soon from here. 

What if the Rally Fails to Break?

The bitcoin price rally currently is stuck up in between $57K to $58K levels. The neckline of the ‘W-Shaped’ pattern was the pivotal area around $58,044 levels. The price got rejected multiple time at these levels with a fresh rejection this hour painted in red. Therefore, indicating a possible plunge to the lower levels. 

Normally, the W-Shaped pattern indicates possible breakout on breaking the neckline and the M-shape pattern denotes exactly the opposite. Therefore, if a rebound towards the neckline is not on cards, then woefully a plunge to the lower levels is fast approaching.

bitcoin w-shape pattern

The RSI indicator is also trending within a decent range, not overbought neither oversold but moving towards the south. The MACD also appears to be baffled by the buy and sell signal. At the press time, the BTC price is $57,726 with a jump of 2.77% in the last 24 hours.

bitcoin indicator

Technical Specifications

  • The resistance levels of the Bitcoin price rally is at the neckline at $58,000.
  • The support levels are at $57,141, and later at $56,423
  • The indicators for the BTC price rally point out towards a buy signal

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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