Bitcoin [BTC/USD] Technical Analysis: The bulls have come to stay this time

The world’s first cryptocurrency, Bitcoin has been doing well for itself considering the previous year. The currency has picked itself up above the $4,000 line and has been holding it steadily. The market cap of Bitcoin is $71 billion with 24-hour trading volume at $5.08 billion.
1 Hour
Source: TradingView
The one-hour chart of Bitcoin shows prices in an uptrend bullish movement which extends from $3,238 to $3,891. The downtrend, however, extends from $4,205 to $4,062. The prices are holding above the support at $3,578, while the resistance band range from $3919 to $3944 has been successfully breached and holding. The next resistance band range is from $4203 to $4239.
The Parabolic SAR markers are formed below the price candles which indicates a bullish trend for Bitcoin.
The MACD indicator is showing a bullish crossover as the MACD line has crossed above the signal line. The MACD histogram is also started sprouting green.
The Awesome Oscillator shows a bullish crossover that is still underway as the green bars have crossed over to the top of the zero-line.
1 Day
Source: TradingView
The uptrend for Bitcoin in the longer time-frame cannot be expected to be formed yet. The downtrend, however, can be seen hanging at $9800 to $4035. The prices are supported at $3183, with resistance lines present at $7359, $8385.
The Aroon indicator shows a sharp rise in uptrend i.e., the green Aroon-line to power as the downtrend seeps down to the zero mark.
The CMF is riding the wave above the zero-line which indicates that the money is flowing into the market for Bitcoin and buyers are controlling the market.
The Relative Strength Index shows a similar scenario where the buyers are controlling the Bitcoin markets as the RSI line is high and near the 55-line.
Conclusion
The one-hour chart for Bitcoin is showing a bullish scenario which is indicated confidently by SAR, MACD and the AO indicators. The one-day chart shows a similar bullish scenario as the one-hour chart which is indicated by the Aroon, CMF and the RSI indicators.
The post Bitcoin [BTC/USD] Technical Analysis: The bulls have come to stay this time appeared first on AMBCrypto.
Source: AMB Crypto

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