Bitcoin price analysis suggests a strong bullish trend for today, as the coin has raced higher after crashing down at the start of the trading session. A considerable rise in coin value was detected throughout the day, and the bullish momentum has placed BTC as one of the early recoverers from today’s market crash. The cryptocurrency has formed a bull flag pattern between the key levels of $17,337 and $18,319.
The buyers have managed to hold above the critical support level of $17,337, forming higher lows at regular intervals. This is indicative of the underlying strength of the digital asset that has been on a firm uptrend in the last 24 hours.
Bitcoin price analysis 1-day price chart: BTC/USD bulls are setting up for a breakout
The one-day Bitcoin price analysis confirms a strong bullish trend for the day. The bulls have controlled the market throughout the day as the price has broken above the $18,920 support in the past few hours. More profit seems to be on its way for BTC buyers as the price just reached the $18,319 high, gaining more than 4.44 percent value. Further chances of revival seem close as the buyers persistently put in efforts.
Looking at the technical indicators, the MACD line is above the signal line indicating bullish momentum for BTC, with the RSI rising to the overbought zone. The buyers need to break above the $18,319 resistance level in order to achieve further gains and set up a target of $18,400. The smooth average of the 20-day moving average line is also above the 50-day MA line, confirming a strong bullish trend.
Bitcoin price analysis: Bulls remain incapable of transgressing the $18,290 boundary
The hourly Bitcoin price analysis shows that a considerable increase in price has been also observed during the last 4 hours. The price breakout was downwards, but it started to recover again and, as a result, kept on increasing in price. However, selling pressure is forming again, and the price is currently correcting but at a controlled pace, settling at the $18,290 level.
The moving Average Convergence Divergence (MACD) line is above the signal line, indicating a bullish trend. The red line is currently above the 223.18 level, confirming a bearish divergence in the market. The Relative Strength Index (RSI) is also rising and has reached the overbought zone. The 50-SMA line is also above the 200-SMA line, indicating a strong bullish trend in the market.
Bitcoin price analysis conclusion
The overall Bitcoin price analysis shows that the digital asset is currently in a strong bullish trend and has broken above the $18,920 support level. The buyers have formed higher highs and higher lows in the past hours, indicating strong bullish momentum. The gain in price is expected to continue for the short term as long as the buyers remain in control and the support level at $18,290 is not broken.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
