A lot happened last week. Elon Musk and other influencers put the word Bitcoin in their Twitter profiles after which the price went up like crazy from 32k to over 38K. The price then immediately went back within the descending triangle and BTC is back to square one and little has changed.
The ema's are bullish and the ema55 functions as support and has confluence with the lower trendline of the descending triangle. The rsi is at the 50 level and looks to make an attack on the ema today to cross bullish.
day chart: https://www.tradingview.com/x/thuE7T9j/
After the 'fake out' price has fallen back below the white zone which in my opinion is not favorable for the bulls. I would have liked to see this zone flipped to support as I had indicated in the previous analysis. The current 4 hour candle is also not positive with such a decent wick on the upside.
The ema55 is bearish relative to the ema100 and the ema200 is still providing support at this time. The rsi is above 50 and is also fighting the ema at this timeframe.
4h chart: https://www.tradingview.com/x/QI6gbqMZ/
The previous one hour candle shows us that there were quite a few sellers and very few buyers. The ema's we see here are all still bullish but all three are close. In other words the uptrend on the one hour chart is not very strong but we also saw that on the 4 hour and daily chart.
The rsi is above the 50 level and above the ema. Could the rsi make a bounce on the ema then there is a chance for a rebound.
1h chart: https://www.tradingview.com/x/iRZEwWjX/
Conclusion:
But overall the price seems to be bearish. In terms of levels there is little change with last week. 28800 - 29300 is support of the ascending triangle. When this triangle breaks out to the downside there is a little support around 27K but it would be more logical to look for the Fibonacci 0.618 at 24430.
The pump resulting from Elon Musk has set up a resistance zone at 37249 but to reach it the white block 34400 will have to be flipped.
