Whenever the Bitcoin price is speculated to be more or less stagnant, the star crypto makes a larger move proving its strength. A similar instance occurred in the early trading hours when the assert broke above the consolidation to hit $41,700. However, no major possibilities of a pullback or correction are witnessed as of now but yes, the buyers are exhausted a bit. Therefore, the upcoming price trend may be extremely interesting to watch out for as the BTC price despite showing bullish momentum, tend to drop down massively.
Bitcoin(BTC) Short-Term Price Analysis
- Bitcoin after a notable spike flashes out huge bullish signals as the asset is swinging within a bullish flag pattern
- Therefore, consolidation within the parallel channel for the next couple of hours is pretty much possible that may result in a breakout
- The breakout from these levels may uplift the price towards the upper resistance around $43,000
- Here, the bears are expected to get activated yet again who may try hard to drag the price below $42,000 yet again.
- Hence the bulls are required to maintain a similar strength along the $43,000 price zone too, in order to maintain a significant uptrend
Bitcoin(BTC) Short-Term Technical Analysis
|Relative Strength Index(RSI)||78.33||Buy|
|Average Directional Index(ADX)||63.5||Buy|
|Average True Range(ATR)||447.3||Less Volatile|
- The RSI is extremely bullish as its approaching the overbought levels strongly. No doubt a minor plunge may be expected once these levels are attained. Yet RSI may withstand without falling towards lower levels
- MACD, showcases extreme buying pressure mounting and hence no short-term reversal or pullback may be expected until the asset smashes the near resistance
- ADX, which is a strength indicator, displays huge strength accumulated with the rally which is extremely bullish
- On the other hand, the volatility indicator ATR points out the asset to be less volatile and hence no significant change in trend is expected
- The bulls appear to be extremely strong and the Bull-Bear power is extremely bullish