- Bitcoin has seen a fall of 8.83% in the last week.
- Analysts are seeking a relief rally for BTC following the correction.
- BTC retraces as memecoins such as $pepe and $gensler push upwards.
BITCOIN SEES RELIEF AFTER A HEAVY REJECTION FROM $31,000
Bitcoin has had a sharp retrace to $26,978 following from an exhausted topping structure seen from the last few weeks. Bitcoin was able to hold itself firmly above the $26,628 price point, as this was a ceiling from a resistance earlier in the year, and now has seemed to turn to support for the time being. This price action follows uncertainty behind the cryptocurrency market and the litigation seen in the United States.
BITCOINS’ WEEKLY ANALYSIS
The chart seems indicate a relief rally coming in and providing bulls with some recourse, after the bears had a take over, and a hold on last weeks chart. The RSI (Relative Strength Index) over the weekend on the 4 hour, had been seen in the floor around 20. An extremely oversold crypto is poised to retest top of trend and push itself out of that territory.
At the time of writing, the RSI sits around a 59/60. As discussed before, an RSI around this level at the .786/.702 level on the Fibonacci is critical for a breakout. If BTC is able to push itself though the $28,880 region, a retest to the top of the trend around $29,500 at the 1.618 Fibonacci Level can be expected. This trend specifically looks to be that it can suspend itself longer, leading itself into the mid-May time period if it indeed stays keen to the trend.
If BTC is unsuccessful and can not break through the $29,500 price point, it is expected to retest back to its breakout zone, around $25,000. This would complete its crashing structure for this impulsive wave.
