BTC price analysis KW47 - Bitcoin now over 7,000 euros

After a consolidation phase, a rally started, which drove the price to currently 7,280 EUR (8,687.22 USD).

Summary

The Bitcoin price has gone up during the week.

The current rally can be explained in the context of the Triangle Pattern, in which Bitcoin has been at the beginning of November.

A real short-term resistance can not be named clearly in the current rally. Most important short-term support is 6.845,03 EUR (8,168.17 USD).

In spite of the fight between Bitcoin Cash and Bitcoin as well as the current hard-fork madness Bitcoin continues to rise. Although there was a slight consolidation during the week in which the price recovered slightly, then the price went up sharply again. Meanwhile, the course has left behind the 7,000 euros and shows no signs of a speedy stop.

Accordingly, the MACD (second panel) is of course positive, as is the MACD line (blue) above the signal (orange).

The RSI (third panel) is 74 and is thus overbought - which may well happen in a rally.

The analysis of the moves in the 60min chart speak a bullish language. Most important support is described by the conservative assessment of the week's bullish trend, which stands at 6,845.03 EUR (8,168.17 USD). A real resistance is not yet visible in the 60min chart.

The long-term price development

How is this rally to be evaluated in a larger context? Let's take a look at the medium and long-term price movements and, first of all, the 240min chart:

The gold cross raised in the last week has been confirmed: The course knows, except for the mentioned consolidation, no stopping and rising. Looking more closely at all price movements in November, it is noticeable that they follow an upward-pointing triangle pattern. The recent rally can be explained in this context: After a test of support from the Triangle Pattern the course bounced off this and now rises to test the Resistance of the Triangle Patterns soon.

With regard to this upcoming test, the indicators look good: the MACD is positive, as is the MACD line above the signal. The RSI stands at 67 and is thus bullish. In the medium term, the situation is also bullish. The main support, excluding Triangle Pattern support, is described by the exponential moving average over the last two weeks, which currently stands at 6,659.05 EUR (7,946.24 USD). The most important Resistance is described by the maximum of the Triangle Pattern at 7.422,21 EUR (8,856.92 USD).

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

The steeper uptrend, which was already addressed in the last price analysis, can now be described as an upward channel. Here, too, the course currently knows no stopping and testing the resistance of the upward channel. The MACD is positive, as is the MACD line above the signal. The RSI stands at 69 and is bullish and not overbought.

Overall, the long-term outlook is bullish from a technical perspective. The most important support is described by the former resistance of the old upstream channel and stands at 5,828.21 EUR (6,954.80 USD). To make a real resistance here is difficult; Extrapolating the current upward channel over a week, however, one can make an estimate based on the resistance of the same: Accordingly, the resistance would be at 7.510,45 EUR (8,962.22 USD).