Bitcoin (BTC) is preparing for yet another attempt to move above the USD 59,300 resistance area that has declined the price twice so far.
The daily timeframe shows that BTC has been rising since bouncing on November 28th (green icon). The rebound came just above the $ 53,350 area that represents the horizontal and fib support. As long as the price is trading above this level, the trend can be described as bullish.
Technical indicators are also starting to give bullish signals.
The MACD, constructed from the short and long term moving averages (MA), has produced four consecutive higher momentum bars. This means that the short-term MA accelerates compared to the long-term MA.
The RSI is also rising, suggesting that momentum is increasing. However, the RSI is still below the 50 line, which is often viewed as a benchmark to spot a bullish / bearish trend. Hence, it has to go over this line to confirm that the correction is complete.
BTC / USDT daily chart | Source: TradingView
The six-hour chart shows that BTC is still floating along a descending resistance line that has formed since the all-time high on November 10th.
This resistance line rejected the price twice (red symbol), on November 30th and December 1st.
This line also coincides with the $ 59,300 resistance area, which corresponds to the 0.382 fib retracement resistance.
BTC needs to restore that line to end the short-term correction.
Similar to the daily timeframe, the technical indicators are showing bullish signals but have yet to confirm the uptrend.
While the RSI is holding above 50, the MACD has not yet entered positive territory.
BTC / USDT 6-hour chart | Source: TradingView
The hourly chart shows that BTC has rallied twice from the 0.5 fib retracement support at 56.215 (green icons).
On December 1, it hit a slightly lower low than the November 30 price. This supports the possibility that BTC could make another attempt to break above the descending resistance line.
Hourly BTC / USDT Chart | Source: TradingView
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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