Home / Cryptocurrency / Bitcoin [BTC/USD] Technical analysis: Bull run imminent as coin rides the green wave

Bitcoin [BTC/USD] Technical analysis: Bull run imminent as coin rides the green wave

The recent bullish rise in prices has provided a green scenario to the cryptocurrency market with double-digit prices that become a standard among the top 5 cryptocurrencies. Main coins like Bitcoin [BTC], XRP and Ethereum [ETH], all plan to close the year in a context of improvement, improving investor sentiments along with price supports.

1 hour

The graph of an hour for the world's largest cryptocurrency shows a canyon-like formation due to the decline and price increase. The downward trend lowered prices from $ 4208 to $ 3638, while the recent uptrend led to $ 3856.86. XRP support reached $ 3577 while the resistance was $ 4211.

The Relative strength index he came back to the chart after breaking the overbought zone. This indicates that the buying pressure is more than the selling pressure in the market.

The Awesome Oscillator shows an increase in the market momentum after a pause.

1 day

The one-day XRP chart depicts an image of a cryptocurrency that attempts to recover from a crisis. The downward trend saw the price collapse from $ 6254.39 to $ 3885. Long-term support reached $ 3167.22.

The MACD indicator shows the signal line and the MACD line that rises after a bullish crossover.

The Chaikin cash flow The indicator showed a constant hold below the zero lines for quite some time. This indicates that the money coming out of the market is more than the inflow.

Conclusion

The recent highest upside was the second event in December that worked to protect Bitcoin pricing support. Most indicators indicate a sporadic running of bulls with the bear looking closely.


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Akash Anand

Engineering graduate, crypto and arsenal fan. He is fascinated by technology and all its wonders. Strictly against the pineapple on the pizza.

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