Bitcoin [BTC] Price Analysis: Coin reunites with the bull after escaping the bear trap

click here to see original post

The cryptocurrency market is witnessing a rare bull run. Bitcoin [BTC], the largest cryptocurrency in the market successfully reversed the trend from a bearish to a bullish one. The cryptocurrency was facing its longest bear market, but has managed to register growth as the market trend changed.

At press time, the coin was valued at $3,984.59 with a market cap of $69.9 billion. The coin registered a 24-hour trade volume of $7 billion while noting a rise of 0.81% over the past day. The coin reported a growth of 9.81% over the past week and is continuing to rise by a meager 0.06% within the past hour.

1-hour

Source: Trading view

Source: TradingView

According to the one-hour chart for the cryptocurrency, BTC observed a strong uptrend from $3,678.8 to $4002.4. The coin dipped and noted a minuscule downtrend from $4,064.1 to $4,025.6. The coin drew resistance at $4,064 while support was noted at $3,989.

Bollinger Bands appear to be diverging, suggesting an increasing volatility in the market. The moving average line is under the candles marking a bullish market.

Awesome Oscillator marks a bullish market gaining momentum.

Chaikin Money Flow also points towards a bullish market as the marker is above zero.

1-day

Source: Trading view

Source: TradingView

The one day chart of the coin marks a downtrend from $6184.9 to $3460, while another downtrend was marked from $6,459.1 to $4,055. BTC marked an uptrend from $3,300.1 to $3,676.4. The coin noted resistance at $4,168.4 while marking support at $3,438.4.

Parabolic SAR indicates a bullish market as the markers have aligned themselves under the candlesticks.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

MACD line us over the signal line marking a bullish trend.

Conclusion

As per the indicators from both the one hour and one day charts, a bullish run is forecasted for Bitcoin, [BTC].


Follow us on Telegram | Twitter | Facebook


Don’t Miss

Bitcoin [BTC]: John McAfee predicts Bitcoin to breach the $1 million mark on 31 December, 2020

Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Share !