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Bitcoinβs price is holding above the $43,000 range after bulls defended key support levels over the weekend. The leading crypto asset is up 2% week-to-date and 5.6% over the past two weeks.
Bitcoin
On the 1-hour chart, bitcoinβs price action shows a short-term uptrend, with higher lows indicating continued buying interest. The bulls have managed to defend support around $42,243, which could now act as a potential entry point on pullbacks. Resistance builds around the $43,210 range as bulls have yet to cross it.
Zooming out to the 4-hour chart, the picture is somewhat choppier but an uptrend is emerging, with a series of higher highs and higher lows. The critical support to watch is around $41,859, where the bulls could look to enter long positions. On this chart, resistance stands at $43,738, where selling pressure may emerge.
On the daily timeframe, bitcoin is consolidating after a previous downtrend. While still rangebound, the market bias appears tilted to the upside here. The key support at $38,505 was held firmly during the recent pullback, keeping the bulls in control. The resistance line is at $49,048, the yearβs all-time price high.
Overall, the oscillators and moving averages (MAs) corroborate the uptrend across the short, medium, and long-term timeframes. The relative strength index (RSI), Stochastic, commodity channel index (CCI), and moving average convergence/divergence (MACD) all signal bullish momentum at press time.
The multiple timeframe analysis suggests bitcoinβs uptrend remains intact. Traders can look to buy dips with tight stop losses placed below critical support levels. Initial upside targets exist around resistance zones, but traders should also consider trailing stop losses to capitalize on extended moves to the upside. The bulls remain in control so long as support continues holding.
Bull Verdict:
The confluence of bullish signals across the short, medium, and long-term timeframes paints a decisively bullish picture. Bitcoin appears poised to continue its uptrend as long as critical support levels hold. Traders can look to buy the dips, targeting the overhead resistance zones. The path of least resistance remains to the upside.
Bear Verdict:
While bitcoin has shown some bullish signals, the risk of a trend reversal remains if critical support levels fail to hold. Traders should exercise caution when looking for long entries, maintaining tight stop losses below support. The choppy price action suggests potential exhaustion among bulls. Until bitcoin can gain upside momentum above resistance, the bears may look to trap bullish traders.
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What do you think about bitcoinβs market action on Monday? Share your thoughts and opinions about this subject in the comments section below.
