Bitcoin [BTC] Technical Analysis: A possible take-over by bulls indicated by the technicals

Bitcoin seems to have found the long needed respite it was looking for, as the prices are climbing higher than expected. The 24-hour price change shows a sway of ~10% towards the positive side. The market cap has risen to $67 billion with 24-hour trade volume $6.8 billion, and the prices are currently trading at $3,900.

1 Hour

Source: TradingView

The uptrend has a range that extends from $3238 to $3828, while the downtrend spans from $5518 to $3847. Bitcoin has left the support [$3,160] at the bottom as the prices have taken off, and it will be testing resistance points at $4,345, $4,750, and $5,545.

The MACD indicator shows a positive and a bullish crossover that has over-reached its stay. It shows a clear bullish sign.

The same goes for Stochastic indicator as it has risen above and reached the over-bought zone.

The Chaikin Money Flow shows an influx of money into the Bitcoin market as the CMF indicator has risen from the depths of the abyss.

1 Day

Source: TradingView

The one-day chart still has no signs of an uptrend but the downtrend ranges from $9,800 to $3,670, and the support can be seen hanging at $3,185. The resistance points are seen at $7,360 and $8,385.

The Parabolic SAR markers have formed below the price candles indicating a bullish trend.

The Relative Strength Index is also showing a dramatic increase as it has crossed the 50-line indicating an impending over-bought position for Bitcoin.

The Awesome Oscillator shows receding green lines transitioning from red lines, which indicates a possibility of an impending bullish cross-over.

Conclusion

The one-hour chart is lit up with bullish signals indicated by MACD, Stochastic and the CMF, while the one-day chart is still not completely bullish as there are bearish signs indicated by Awesome Oscillator.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


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