Bitcoin rebounded to the long term support zone of $ 10,000.
The price follows a descending resistance line, with horizontal resistance at $ 11,200.
BTC has likely started another bullish momentum
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The price of BitQT continues to rise after it makes a long-term support zone.
Due to the length and magnitude of the rise, it is now likely that BTC has started a new upward movement.
Bitcoin bounces off long term support
The week of September 14-21, Bitcoin’s price continued its ascent from the previous week, during which the price rebounded to the $ 10,000 level, creating a Doji candlestick.
Last week, the price created a bullish candlestick but failed to reach the main support and resistance zone seen during most of August and September.
Technical indicators are relatively neutral. Both the RSI and the Stochastic Oscillator are above 50 and rising. That said, the MACD declined for the third week in a row.
The beginning of a turnaround?
This daily chart shows that the aforementioned rise ended at the 0.618 fibonacci level of the entire move down to $ 11.214. That said, it wasn’t a strong rejection, and BTC appears to be bracing for yet another attempt to get past this area.
If it succeeds, there is a chance the price will face resistance at $ 11,400, just below the descending resistance line connecting the last two lower highs.
The technical indicators of the daily timescale are bullish. The RSI has clearly crossed the 50 line and validated it as support. The Stochastic Oscillator is on its way to forming a bullish cross, and the MACD is also on the rise, in addition to having practically moved into positive territory.
The shorter-term two-hour chart is also bullish. Price has just rebounded from an ascending support line and is rising. As in the daily chart, technical indicators are also bullish.