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BITCOIN: Retesting The Support by aezakmi

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crypto · @aezakmi ·
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BITCOIN: Retesting The Support 
## BTC/USD Monthly Chart


Since [my last post](https://peakd.com/crypto/@aezakmi/bitcoin-trendlines-broken-uncharted-territory-ahead) Bitcoin was in a continuous sideways movement, without doing any major price changes. After getting a bearish divergence on the RSI, we're currently retesting the support back at the almost-3-year long descending trendline, which aligns with the 0.618 Fibonacci retracement. If this holds, we might see Bitcoin breaking the 0.786 ($13k) and heading towards the previous high by December 2020.



<h3><sub>[Ctrl + Click here to enlarge the image in a new tab (steemitimages)](https://steemitimages.com/0x0/https://files.peakd.com/file/peakd-hive/aezakmi/TBphWIeI-btcmonthly.png)</sub></h3>![btcmonthly.png](https://files.peakd.com/file/peakd-hive/aezakmi/TBphWIeI-btcmonthly.png)



##  BTC/USD Weekly Chart

The weekly chart gives us a different perspective of the whole price action: we have Bitcoin reaching the 0.786 Fib. extension of the Dec. 2018 - Feb. 2020 movement, currently finding support near the golden pocket. This specific $9500-$10000 levels indicates a very strong support level; a lot of price action happened here in the past and the 21 EMA is here as well. As you can see, we got a rejection at the upper band of the RSI, but we have some sort of a bullish hidden divergence, higher low on the price and same low on the RSI. 
If we're going to flip the 0.786 ($12k), we will probably see Bitcoin at the  1:1 extension ($16) in Q1 2021. 


<h3><sub>[Ctrl + Click here to enlarge the image in a new tab (steemitimages)](https://steemitimages.com/0x0/https://files.peakd.com/file/peakd-hive/aezakmi/EcJD3TXd-btcweekly.png)</sub></h3>![btcweekly.png](https://files.peakd.com/file/peakd-hive/aezakmi/EcJD3TXd-btcweekly.png)







![steem line 2.png](https://cdn.steemitimages.com/DQmYcTYvf6NrTJYQQgWebpedjuzpoRKc2WdAdHpuaY6Z1mv/steem%20line%202.png)


<center>![](https://cdn.steemitimages.com/DQmYdJxHtrns6waecoP7wLGCy9ToPPiygHWGq2jUmoBfnGk/mywolf.gif)</center>

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