Home / Cryptocurrency / Bitcoin [BTC/USD] Technical analysis: long-term results in favor of the bull

Bitcoin [BTC/USD] Technical analysis: long-term results in favor of the bull

In the current volatile run of the cryptocurrency market, coins are currently painted in red. At the time of writing, Bitcoin [BTC] it was traded at a price of $ 3791 with a market capitalization of $ 66.1 billion. The volume of 24-hour cryptocurrency trading was $ 5.5 billion.

1 hour:

BTCUSD 1 hour candelabras | Source: tradingview

BTCUSD 1 hour candelabras | Source: tradingview

In the 1-hour scenario of the BTC candelabra, the upward trend extends from $ 3238 to $ 3704, while the downtrend goes from $ 4205 to $ 3837. The possibility of a trend breakout could occur because price concentration is reaching its peak.

The Parabolic SAR is currently bullish on the cryptocurrency. This is evident from the alignment of the points under the candelabras.

The Aroon indicator is showing more strength in the green trend than the red trend. Therefore, the indicator is bullish on the currency.

The Awesome Oscillator he's on the side of the bull since the bars have turned green, waving a safe passage for the Bitcoin price trend.

1 day:

BTCUSD 1 day candlesticks | Source: tradingview

BTCUSD 1 day candlesticks | Source: tradingview

Over the longer period of time, the downtrend line extends from $ 6259 to $ 4034 while support is suspended at the $ 3183 level. A trend breakout may not take place as prices are not tightly packed to create congestion. .

The Bollinger bands they are following a broad tunnel model to give way to price fluctuations. Price volatility is expected to remain high in the near future.

The RSI it is neutral with respect to price trends as the indicator is moving in a straight line after remaining in the upside zone previously. The buying pressure has taken a hit with respect to past activity.

The MACD it is also bullish on the token while the reading line has made a positive crossover for the signal. The indicator is still moving towards the top, confirming its position.

Conclusion:

In this technical analysis, most of the indicators are bullish on Bitcoin and are waving a green flag to the BTC price trend.


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Priyamvada Singh

Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.

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