The 50 EMA is above the 200 EMA indicating the classic Golden Cross, which gives us a bullish outlook.

At this moment, Bitcoin has bounced off the 50 EMA, crossed the short-term 21 EMA to the upside and now it is retesting this level.

This is also the level of the 0.23% Fibonacci retracement, taken from the start of the bullish run back on the 21 of July 2021 (as seen in the chart above).

We can also see how the price of Bitcoin tested the 0.38% Fibonacci retracement on the 7th and the 13th of September.

As the sentiment is generally bullish, it is reasonable to expect that the price will move up. It seems Bitcoin is destined to revisit it’s all time high.

There are many notable analysts and investment managers who recently announced that in their opinion the price of Bitcoin will reach $100,000 at the end of 2021.

Could that be true?

I really don’t know, but watching closely the rise of Solana for the last couple of weeks, I think anything is possible in the crypto world.

Let me know what you think.

At the time of writing this analysis, BTC is testing again it’s major support level between $29,000 and $30,000. As mentioned in the previous analysis this is a very strong support level which will be tough to break by the bears.

This particular support level coincides not only with Support/Resistance trendlines on a Daily and Weekly charts, but also with the strong 0.618 Fibonacci level, as seen in the chart above.

In addition, there was large institutional entry into the market at that level, so it will be fiercely defended by investors with a lot of capital. They will be inclined to stock up more Bitcoin at those levels, possibly pushing the price higher.

Here is a Weekly chart of BTCUSD showing the main area of strong support. We can see that the $30,000 area had a very bullish momentum in the beginning of the year. We are now back to those accumulation levels.

Even though this may seem like a good set up to short Bitcoin, as many traders expect the price to go much lower, it’s advised to wait until this this Support level is actually broken and confirmed by a closed candle.

Bitcoin has fallen to almost $11,000 from a high of just below $20,000 but it is no regaining a bullish momentum and it seems that it might break the $16,000 very soon.

As seen in the chart above, there is some definite support at $14,000. Looking at the chart with a Fibonacci retracement we can see that the BTCUSD price correction reached 0.618 Fibinoacci level, which is one of the most significant levels.

So what’s next for Bitcoin. It is very likely that if the price breaks and closes above $16,000, as it seems to be trying to do at the present time, it will most likely go up quickly to $17,500 before it faces any pressure from sellers.

Note. This post is for educational and entertainment use only and it is not an invitation to trade. Trading involves high risk to your capital.