Bitcoin [BTC/USD] Price Analysis: Bull run imminent in the long-term as coin breaks key resistance

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Bitcoin [BTC], the largest cryptocurrency in terms of market cap, witnessed a bull run over the week and managed to breach the $3,900 resistance point. The bullish momentum has now stagnated as the cryptocurrency is seeing sideways movement.

At press time, the world’s largest cryptocurrency was trading at $3,987, with a market cap of $70 billion. The coin registered a 9.55% increase over the past week, but was seeing a 0.18% drop over the past hour. However, the coin had a 24-hour trade volume of over $7 billion.

1-hour

Source: Trading view

Source: TradingView

The one-hour chart for Bitcoin showed a very dominant uptrend from $3,572 to $3,922, reflecting the recent bullish momentum experienced by the coin. There were no strong downtrends to be seen.

Parabolic SAR markers gave aligned below the candlesticks, pushing the coin’s price upwards.

Chaikin Money Flow indicator was below zero, indicating that money was flowing out of the market. This was a bearish sign.

Relative Strength Index was just above the 50-mark, indicating that the buying and selling pressures were at equilibrium.

1-day

Source: Trading view

Source: TradingView

On the one-day chart, a dominant downtrend can be seen from $5,560 to $3,938, overshadowing the minor uptrends from $3,194 to $3,582, further extending to $3,897. An immediate resistance can be seen at $4,075, while two other resistances can be seen at $4,248 and at $5,560. Strong supports can be seen at $3,561 and $3,183.

Bollinger Bands were diverging, indicating that the price of the coin would see significant volatility. The Moving Average Line was under the candlesticks, showcasing that the market was still bullish.

MACD line was hovering over the signal line, indicating a bullish market for the coin.

Awesome Oscillator showcased a bullish market momentum for the coin.

Conclusion

The coin seems to have climbed out of the bear market as MACD, Awesome Oscillator, Bollinger Bands, and Parabolic SAR indicate the same. The long-term prospect of the coin also seems to be bullish, evidence of an imminent bull run in the offing.


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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.

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