The Bitcoin price dropped about 3% overnight to test $ 8420, and tested earlier heights before shrinking back to $ 8680. Let's look at the bitcoin price analysis to see what's in store for number 1 crypto license.
Look at the hourly rate price 0 0 0 diagram, after breakout from the rising triangle, we can see that BTC has made a decent recovery after that initial rejection at close to $ 9k.
BTC / USD is now consolidating just below the $ 8700 price level, which means that a push above the breakdown level must take place before it can be a confirmed answer from bulls.
The support of the idea that this may be the case is the MAC-d junction with its signal line, suggesting that the pricing event may have favored bulls. In addition, the sharp rejection of RSI from the oversold region implies that bulls may still be able to buy the dip state.
Look at the daily chart, we can see the weight of bitcoin break through and then find support at levels that were previously resistant to the bear market. This simple illustration of bulls that consistently break through prior resistance with momentum leaves many bulls confused by those who still beat the bearish drum.
The next level to break is the psychological level of $ 10k that many have doubted to be possible. 
The outbreak of consolidation in the low $ 8k interval implies that a target for the bullish rising triangle will be about $ 11.5k, beyond the $ 10k barrier, many are heading for resistance .
The weekly chart gives a slightly different picture, with the parabolic advances appearing less steeply than on lower timeframes. The MAC d & apos; s continues to rise with impressive strength, as evidenced by the histogram, which continues to print higher heights for an unprecedented 16 out of 17 weeks this year.
As the bitcoin price continues to move upwards with such a momentum, one begins to wonder where there will be significant short-term interest rates as there has been no success for bears so far in this market.
Fuel in the tank
Look at the analysis of short positions on Bitfinex and combine it with the Fibonacci retracement levels from heights 2017 to the decline in 2018, we can see that there is a story to get notified.
Bifinex shorts tied out in the initial stage of the bear market at somewhere between $ 11.5k - $ 13.5k level. From here, great short interests fought to take shorts from low temperatures of 9.5k BTC to find the bottom of the 17k BTC, where a floor is not broken.
Therefore, at the macro level, with the award, we know that shorts are either underwater or face severe pressure to profit and that there are potential 9.5k shorts to be solved at Bitfinex.
In addition, institutions and retailers typically look up to enter the market at 61.8% retracement levels, which is $ 13.6k. The 50% Fibonacci level is also the existing target of the aforementioned flag in this analysis.
Despite a growing long-term relationship and the pressure on Bitmex financing, it seems that fuel may still be fueled in the BTC's price to move higher. However, Bulls will have to keep in mind that there are CME holes underneath and ultimately euphoria usually leads to disappointment and as such should still proceed with caution.
Trade Bitcoin (BTC), Litecoin (LTC)) and other cryptocurrencies on the online Bitcoin forex broker platform evolve.markets.
The writer's views and opinions should not be interpreted as financial advice. For publication, the author holds Bitcoin at the time of writing.
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