BTC price analysis KW46 - New all-time high reached!

After a dip to 4,812.19 EUR (5,674.29 USD), the price rose again and reached an all-time high of 6,773.98 EUR (7,987.54 USD).

Summary

The Bitcoin price has gone up during the week.

The rise after plummeting to 4,812.19 EUR (5,674.29 USD) has pushed Bitcoin to a new all-time high of 6,773.98 EUR (7,987.54 USD), since then the price is in a slight consolidation and currently stands at 6,560.24 EUR (7,735.51 USD).

Most important short-term resistance is 6,773.98 EUR (7,987.54 USD). Most important short-term support is 6.040,00 EUR (7,122.07 USD).

Mempool out, transaction fees ago - Bitcoin has caught up again. For a short time, the price fell below 5,000 euros (about 5,900 US dollars), but recovered again. This may come from continued interest from various institutional investors or the atomic swap with Litecoin. The latter is not only interesting in terms of the bridge between different blockchains; a successful Atomic Swap hopes for a soon-to-run Lightning Network and thus an end to the transaction traffic jams at Bitcoin.

Anyway, a new rally could drive the course up to a new all-time high. With consolidation going down since then, it has stopped the uptrend that began on November 15, but even a conservative upside trend oriented towards the dips early in the week would still hold prices in excess of $ 6,000 ($ 7,100).

The MACD (second panel), in the consolidation phase, is almost zero or slightly negative. The MACD line (blue) is slightly below the signal (orange).

The RSI (third panel) is 49 and is therefore neutral.

The analysis of the movements in the 60min chart speak a neutral language. Most important support is described by the conservative assessment of the uptrend and is at 6,040.00 EUR (7,122.07 USD). The most important resistance is described by the new all-time high and stands at 6,773.98 EUR (7,987.54 USD).

The long-term price development

Is the rally over and we can prepare for a new crash? To clarify this, let's look at the mid and long-term price developments and look first at the 240min chart:

With the dip on November 12th, along with the minima on October 18 and 25, a new uptrend began to emerge on which the rally rebounded and overtook the exponential moving averages over a week or two. These have completed a golden cross (the exponential moving average over one week has overtaken the two weeks), which indicates a stable uptrend.

The MACD is positive, but the MACD line is below the signal. The RSI is 59 and bullish. In the medium term, the situation is also bullish. The most important support is defined by support from the upstream channel, which currently stands at 5,238.61 EUR (6,177.11 USD). The most important resistance is also defined here by the all-time high at 6,773.98 EUR (7,987.54 USD).

Let's conclude with a long-term view of the 1D chart:

The upward channel discussed in recent weeks is shown in pale blue. We see that with the last two rallies, the course left it behind. Instead of this rise, an even steeper uptrend was formed. The MACD is positive, and recently the MACD line has risen above the signal again. The RSI stands at 64 and is thus bullish.

Overall, the long-term outlook is bullish from a technical perspective. The most important support is described by the former resistance of the old uplink channel and stands at 5,754.22 EUR (6,785.09 USD). The most important resistance is also described here by the all-time high at 6,773.98 EUR (7,987.54 USD).