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Bitcoin price analysis: bullish BTC may hit the $46000 mark

Bitcoin price analysis bullish BTC may hit the mark

TL;DR Breakdown

  • Bitcoin price analysis shows a strong bullish momentum in play.
  • Current support is found at the $43518 mark.
  • Current resistance is found at the $46000 mark.

Bitcoin is going bullish, and there is no stopping the king of cryptocurrency at the time of writing. The 4-hours candlestick chart analysis shows a small cup and handle pattern forming up at the time of writing, further confirming the bullish indication. If the formation completes, the king of cryptocurrency is likely to break past the $45,800 threshold and onto the $46000 mark.

Bitcoin price analysis: 4-hours candlestick is strong bullish

Bitcoin price analysis on the 4-hour candlestick chart shows strong bullish momentum building further up while the price stands at the $45550 mark at the time of writing. Pertinent to mention here that the price is jumping towards the $45600 mark and above while writing. However, the Bollinger’s band shows strong volatility in the Bitcoin price, with the upper Bollinger’s band limit at the $45930 mark and the lower at the $41106 mark.

Bitcoin price analysis: bullish BTC may hit the $46000 mark 1
Bitcoin price analysis 4-hours chart. Source: Trading View

The moving average score for the BTC/USD price stands at the $44251 mark, which is also serving as a support point at the time of writing. The strongest support point at the time of writing stands at the $43518 mark. The RSI score on the 4-hour candlestick chart stands at the 69.06 score mark, exactly below the red zone found at the 70 score mark.

Bitcoin price analysis: 1-day candlestick chart shows slight deviation

The 1-day candlestick chart for the king of cryptocurrency shows a slight deviation from the 4-hours candlestick chart. However, the cup and handle formation, which is only slight in the 4-hours chart, seems to be formed perfectly well on the 1-day candlestick chart. BTC/USD price is currently enjoying the bullish momentum formed by the cup and handle pattern formation. On the 1-day chart, the volatility has increased slightly, with the upper Bollinger’s band standing at the $46872 mark and the lower score found at the $31455 mark.

Bitcoin price analysis: bullish BTC may hit the $46000 mark 2
Bitcoin price analysis 1-day chart. Source: Trading View

The moving average is found at the $41651 mark serving as the first support level for the BTC/USD pair, while strong support is found at the $39163 mark showing some deviation from the 4-hours candlestick chart. The RSI score is found at the 71.67 score mark, which is another slight deviation from the 4-hours candlestick chart since the current score is just in the red zone for the RSI score. A score above 70 means that the king of cryptocurrency is overbought at the time of writing.

Technical indicators for BTC/USD price pair

Out of the 26 total technical indicators, as many as nine indicators stand neutral, while 15 indicators are at the buy signal and only two at the sell signal at the time of writing.

Bitcoin price analysis: bullish BTC may hit the $46000 mark 3
Bitcoin price technical indicators. Source: Trading View

Eight indicators stand neutral out of the 11 oscillators, with two at the buy mark and only one at the selling mark. While out of the moving averages, as many as 13 indicators stand at a strong buying mark with only one neutral indicator and one selling indicator.

Conclusion

If the strong support persists, the king of cryptocurrency is going into strong bullish momentum that is likely to take the BTC/USD price above the $46000 mark. If the support fails the king, Bitcoin price is likely to stay stable above the $43000 mark even if the bears take reign of the Bitcoin price movement.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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