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Bitcoin [BTC/USD] Technical Analysis: Bulls ride the prices out of the immediate resistance zone

Bitcoin has once again been moving in a sideways trend stuck in the $3,600 range consolidating for over nine days now.

The market cap of Bitcoin is at $64 billion with 24-hour trading volume at $5.3 billion after dipping as low as $4.92 billion. Most of the trade volume for Bitcoin is coming from BitMEX exchange for trading derivates of Bitcoin paired with USD.

1-hour

Source: TradingView

The uptrend for Bitcoin has extended and it now ranges from $3,498 to $3,593, while the downtrend extends from $4,025 to $3,724. The prices are being supported at $3,578 which is the immediate support, and at $3,498. The resistance for Bitcoin are at two points, $3,648 to $3,666 and $3,919 to $3,944.

The Aroon indicator shows that uptrend for Bitcoin in the one-hour shows that the Aroon green line has struck the 100-line after showing signs of crashing. The Aroon indicator shows that the bulls have taken control of the price and are pumping it.

The Chaikin Money Flow shows that the money flowing into the Bitcoin market is far greater than the money flowing out, which indicates that the buyers are in control of the market.

The Relative Strength Index shows that the momentum for BTC has shifted towards the buyers, as the RSI line has broken the over-bought zone.

1-day

Source: TradingView

The one-day chart shows that the downtrend is far more dominant and doesn’t compare to the measly uptrend in the larger time frame. The uptrend extends from $3,184 to $$3,514, while the downtrend extends from $9,800 to $4,004. The prices are supported at $3,183 while the resistance lines can be seen hanging at $7,359 to $9,075.

The Bollinger Bands show that the prices are undergoing a squeeze and the prices are trying to swim above the simple moving average line.

The MACD line and the signal line look like they are about to coincide and cross each other in a bullish crossover. The histogram shows that the red bars below the zero-line are reducing in strength post the price hike that Bitcoin has seen.

Conclusion

The Aroon, CMF and the RSI all indicate that the bulls have returned taking riding the prices in an uptrend. The one-day chart also shows the same as the Bollinger Band and MACD indicator both indicate a possible bullish crossover that is imminent.

The post Bitcoin [BTC/USD] Technical Analysis: Bulls ride the prices out of the immediate resistance zone appeared first on AMBCrypto.



This post first appeared on AMBCrypto - Latest Cryptocurrency News, please read the originial post: here

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Bitcoin [BTC/USD] Technical Analysis: Bulls ride the prices out of the immediate resistance zone

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