The Bitcoin (BTC) price broke out and reached a new all-time high price of $61,781 on March 13.

While a short-term decrease could occur, it’s likely that BTC could begin another upward movement after.
 
Bitcoin Weekly Outlook
Bitcoin increased considerably last week, reaching a new all-time high price of $61,844. The weekly candlestick close was bullish, even though there is a small upper wick in place. 
The RSI has generated some bearish divergence — a potential reversal sign. 
However, both the MACD and Stochastic oscillator are still increasing.
BTC Chart By TradingView
Bitcoin Daily
The daily chart provides a similar outlook. 
The $58,000 area that BTC initially broke out from is now expected to act as support. 
In another bullish sign, the Stochastic oscillator has made a bullish cross and the MACD has just turned positive. 
However, similar to the weekly time-frame, both the RSI and MACD have generated a bearish divergence — a potential signal of a top. 
BTC Chart By TradingView
The two-hour chart also shows signs of weakness. 
The MACD has crossed into negative territory while the RSI has crossed below 50. This suggests that a short-term decrease may occur. This is also supported by the bearish divergences in the weekly and daily charts. 
If a decrease occurs, it’s possible that BTC could find support at $54,650. This is the 0.382 Fib retracement level and a short-term ascending support line.
BTC Chart By TradingView
Wave Count
The wave count suggests that BTC is nearing the top of a bullish impulse (white) that began in March 2020. Currently, it’s in sub-wave five (orange).
A potential target for the top of the movement is found between $66,500-$72,300. 
The latter target is found using a Fib projection on the sub-wave movement (orange). The former is found using a Fib projection on the movement of the entire wave (white).
BTC Chart By TradingView
An even closer look shows that BTC is in minor sub-wave four (black). This fits with the previous readings that indicate another decrease is likely before bullish continuation. 
A decrease below the minor sub-wave one high of $52,652 would likely mean that the move is finished.
BTC Chart By TradingView
Conclusion
Bitcoin is expected to decrease towards $58,000 and potentially $54,500. Afterward, another upward movement is expected.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.
The post Bitcoin Shows Weakness After Breaking Past $60,000 appeared first on BeInCrypto.
Original Source: Be In Crypto Bitcoin Shows Weakness After Breaking Past ,000