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Bitcoin price analysis: BTC is up again as bullish momentum extends to $18,290

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin (BTC) has been trading in a range between $17,337 and $18,319 in the last 24 hours
  • The buyers have managed to hold above the $17,337 key support level
  • The prices are facing a firm resistance at $18,319 which is the next target for bulls

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.

image 237
BTC/USD 1-day chart, source: TradingView

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.

image 238
BTC/USD 4-hour chart, source: TradingView

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 XDCCardano, and Curve

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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