- Bitcoin price analysis reveals a bullish momentum building on the chart.
- Bitcoin price finds strong support at the $48,350 mark.
- Bitcoin to retest strong resistance if the current pattern completes.
Bitcoin price analysis reveals that the king of cryptocurrency is now headed into another bullish momentum to retest the $49,000 range. At the time of writing BTC/USD price pair stands at the $48,598 mark. The strongest support is found at the $48,350 mark, while the strongest resistance is present at the $48,800 mark.
Bitcoin price analysis: 24-hours candlestick shows bullish BTC momentum
The 24-hours candlestick Bitcoin price analysis shows that the cryptocurrency is headed into a small cup and handle pattern at the time of writing. The momentum is slightly bearish, while the Relative Strength Index (RSI) is well within the normal range with a score of 66 points.
The Bollinger bands are showing lower volatility than the previous month, which is also a good sign for the bulls to hold momentum. The upper Bollinger band value stands at the $50,937 mark, while the lower band value stands at the $39,363 mark. The Bollinger bands’ average is found at the $45,150 mark serving as the strong support, and the moving average also serves as strong support at the $47,013 mark, at the time of writing.
BTC/USD price on 4 hours candlestick chart reconfirms retesting motion
The 4-hour candlesticks Bitcoin price analysis reveals that the volatility is slightly decreased at the time of writing. While the moving average (MA) is serving as strong support on the daily chart is serving as strong resistance at the 4-hourly chart with a value of $48,902.
On the other hand, the RSI score of 57.54 gives ample room to buyers to further reconfirm the bullish momentum with hasty buying to push the king of cryptocurrency into a faster bullish momentum. The upper Bollinger band value is set at the $50,374 mark; the lower band is at the $46,110 mark, while the average – serving as strong support – is found at the $48,242 mark.
The technical indicators are also serving as strong support in favor of the bullish building momentum, signaling a go-ahead for buying movement. Out of the 26 technical indicators, as many as 16 indicators stand at buy position, seven indicators stand neutral, and only three indicators stand at a selling position.
Out of the moving averages, as many as 13 are giving a buy signal while one is neutral and one is giving a sell signal. Out of the oscillators, as many as three are in favor of buying momentum while six are neutral and two are at a selling position.
Bitcoin price analysis conclusion
Bitcoin price analysis concludes with the notion that the bullish momentum is in a strong grip of the cryptocurrency while the charts are showing promising signs for buyers to maintain bullish pressure. The RSI score is well below the overbought range, making room for further buying, and the volatility has decreased. If the currently forming cup and handle formation completes, the king of cryptocurrency is likely to go past the $49,000 mark once again.
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