Bitcoin [BTC/USD] Price Analysis: Cryptocurrency enjoys short term gains as market sees green

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The cryptocurrency market closed the week painted green. The bull’s visit to the market caused almost all the major cryptocurrencies like Bitcoin [BTC], Litecoin [LTC] and Bitcoin Cash [BCH] to climb the charts. Bitcoin, the largest cryptocurrency in the market was helped by the price rise and was holding strong above the $4,000-mark.


Source: Trading View

Bitcoin’s one-hour graph showed a recent downtrend that resulted in the price dropping from $4,033.92 to $3,998.03. The support was at $3,891.82, while the short-term resistance was at $4,039.78.

The Bollinger Bands converged a bit, which was a sign of price movement stagnating and a lack of significant price outbreaks.

The Parabolic SAR was below the price candles, which stated that the cryptocurrency’s price was pumping and that Bitcoin was in a bullish scenario.

The Chaikin Money Flow indicator was above the zero-line because the capital coming into the market was more than the capital leaving the market.


Source: Trading View

Source: Trading View

The one-day chart of Bitcoin painted a similar picture as the downtrend caused the price to fall from $6,274.87 to $4,071.39. The long-term support was at $3,127.02.

The Relative Strength Index was close to the overbought zone, which meant that the buying pressure was significantly more than the selling pressure.

The MACD indicator did not show a positive sign for Bitcoin in the long term as the signal line and the MACD line moved together after a bearish crossover. There was also a lack of movement in the MACD histogram as well.

The Awesome Oscillator was in a lull compared to previous instances due to a reduced market momentum.


The above-mentioned indicators stated that in the short-term, Bitcoin would enjoy sporadic bullish rise, but in the long run, the cryptocurrency still would have to go a long way to reach its previous price valuation.

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Akash Anand

Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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