- Bitcoin price remains bullish on the longer-term timeframes, eyeing a push up to $35,290.
- The three-day chart for BTC is starting to flip bullish and hints at an extension of the 2023 rally.
- On the daily variant, however, the big crypto might form a range and retrace to $28,545 before attempting a new leg up.
Bitcoin price remains highly bullish on all timeframes. The recent rally has pushed it to the $30,000 psychological level. With rising Bitcoin dominance, altcoins are likely going to be sidelined while investors pour capital into BTC, pushing the big crypto to scale higher heights.
Bitcoin price from a weekly timeframe
Bitcoin price is currently hovering around the $30,000 region, with the weekend just around the corner. With a lack of trading volume, volatility is going to be absent. Additionally, the second quarter of 2023 is also coming to an end, which could potentially trigger a volatile move around the monthly close. But a question that many sidelined investors have is – “will there be a retracement?”
To answer this question, let us take a look at Bitcoin from multiple timeframes.
The weekly chart for Bitcoin price shows that it is very close to retesting $31,839, which is the midpoint of the range, extending from $48,192 to $15,487. From a long-term perspective, an ideal place for retracement would be after the retest of the $31,389 hurdle.
In its attempt to tag the midpoint, Bitcoin price might retest the weekly inefficiency at $35,290, which could form a local top.
As noted in previous publications, the Bearish Breaker’s midpoint on the weekly timeframe sits at $35,260, coinciding closely with the weekly inefficiency noted above. Hence, this confluence is most likely going to be a profit-taking area for short-term holders.
BTC/USDT 1-week chart
For more information on the long-term outlook of Bitcoin price, what long-term holders are up to, and the state of key on-chain metrics, read this: Three reasons why Bitcoin’s 2023 rally is just starting
Bitcoin price from a three-day timeframe
The three-day chart for Bitcoin price paints a much more nuanced picture. While not a lot has changed from a price action perspective, the indicators are critical to understanding if BTC will rally or not.
The Relative Strength Index (RSI) has created a double bottom at 42 and has recovered above the mean level at 50, suggesting a rise in bullish momentum.
The Awesome Oscillator (AO) denoted a bearish regime as it produced red histogram bars below the zero-line. But the outlook is changing after the recent uptick in Bitcoin price, which has caused the histogram bars below the zero-line to turn green and attempt a crossover.
A flip above the zero-line will add credence to the rising bullish momentum.
Lastly, the Wave Trend indicator for Bitcoin price shows signs of a potential bullish crossover below the zero-line, hinting at the extension of the 2023 bull rally.
All of these signs suggest that the bull rally for Bitcoin price on a three-day chart is yet to begin.
BTC/USDT 3-day chart
Bitcoin price from a daily timeframe
The daily chart for Bitcoin price shows that the recent rally collected the buy-side liquidity resting above the swing highs formed between April 26 and May 6 at roughly $30,000. The chances that this uptrend continues are pretty low, considering that the weekend is around the corner.
Therefore, investors can expect Bitcoin price to consolidate and form a range. A minor retracement to $28,545 seems plausible should short-term investors decide to book profits. But investors need to be patient trading in this timeframe.
Original Article: https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-will-btc-take-a-break-after-30-000-202306230516
