BTC Price Analysis – Price Beyond 5,000 Euros!

Yesterday, the share price exceeded 5,000 Euro and thus rose to a new all-time high of currently 5,248.24 EUR (6,185.29 USD) – rising trend.

Summary of the report

The Bitcoin price rose during the week. After the price fell to 4,429.99 EUR (5,220.94 USD) for the first time, the price recovered and on October 20 entered a sprint to currently 5,248.24 EUR (6,185.29 USD USD). There is no real short-term resistance to be seen in this rally, the most important short-term support is EUR 4,429.99 (USD 5,220.94).

I have already expressed it yesterday: It’s history in the making! Bitcoin has not only crossed the 5,000 Euro mark, but is currently well above this magic threshold with 5,248.24 EUR (6,185.29 USD). With the current rapid rise in the share price, there is currently no sign of a hold, so that the question of a resistance hardly arises. Of course, the price is clearly above the exponential moving averages over one or two days.

The analysis of movements on the 60min chart speaks a bullish language. The most important support in this chart representation is given by the weekly minimum and is 4,429.99 EUR (5,220.94 USD). Before however the exponential moving average values must be broken through over one and/or two days, which lie with 5.056,63 EUR (5.959,47 USD) and/or 4.951,05 EUR (5.835,04 USD). A real resistance is currently not discernible; although one has been drawn into the chart, it is currently being breached.

The long-term price trend

Where else could the journey take us? Let’s first look at the 240min chart: From a technical point of view, the rapid rise in prices can be seen in the context of the triangle pattern that determined price movements between October 12th and October 20th. From this chart analytical point of view, the rapid rise yesterday was the breakout from the Triangle Pattern. It goes without saying that the price since its rise is clearly above the exponential moving average over one or two weeks; even the weekly minimum only led to a test of the first-mentioned average.

The MACD (second panel) is naturally positive according to these developments, but currently the MACD line (blue) is below the signal (orange). Whether this is a sign for a calming of the price cannot yet be confirmed.

The RSI (third panel) stands at 78 and is therefore overbought.

The MACD is positive, the MACD line is above the signal. The RSI is at overbought 74. In the medium term the situation is bullish as well. The most important support is defined by the exponential moving average over two weeks, which is currently at 4,564.99 EUR (5,380.05 USD). Before this test, however, the exponential moving average over one week, which is EUR 4,852.30 (USD 5,718.65) together with the support of the Triangle pattern, must fall. Here, too, it is difficult to determine a resistance; the price is still too strongly in an upward trend.

Especially with regard to the resistance, a kind of upper end of the flagpole that can still happen until October 23rd, we will now close with a look at the 1D chart:

You can clearly see that the price is well above the previous all-time high. Since the minimum in mid-July, the price has been in an upward channel, the resistance of which is currently not only being tested but also breached.

The MACD is positive according to these positive developments and the MACD line is above the signal. The RSI is oversold with 79.

Overall, the long-term forecast is also bullish from a technical point of view. The most important support is described by the 23.6% fib retracement level at 3,425.50 EUR (4,037.11 USD) – this currently coincides with the support of the uptrend channel. Here we can perhaps make a statement about the resistance: The 161.8% fib retracement level is EUR 6,168.19 (USD 7,291.60). Who knows whether the price will rise this high by 23 October?