Categories: Price Analysis

Bitcoin (BTC) Appears Visibly Bullish & RSI Notably Hits Above 70

Bitcoin, at the time of writing this analysis, had already breached above $6,700 after 6 days of the sluggish movement, below $6.5k and even $6k. BTC takes a bullish toll after days of price accumulation and trading sideways.

Moreover, it is important to note that Bitcoin and other cryptos are standing strong support in the global crypto market when all the major investment avenues have been blown off amidst the global crisis that has come up due to Coronavirus outbreak. However, we believe that this winning streak is here to stay and help the coin breach above the major resistance at $7k.

BTC price first rallied above the accumulation zone beyond $6.7k during the trading session on Wednesday, which seems to reiterate even today as the coin was trading at $6,707 at the press time.

BTC/USD Chart By TradingView

Analyzing the above half-hourly Bitcoin price chart against the greenback, we see that the coin is drawing intraday bullish divergence by hitting above $6.7k. After hitting $6.7k, yesterday, BTC bulls nosedived slightly to fall back to massive support around $6.6k, resulting in the technical indicators to immediately turn bearish as we saw a notable rise in the trading volume of the coin.

Moreover, we even saw that the RSI of the coin slid above 70, showing the buying pressure on BTC around $6,800 price zone, which is still afloat at 70 embraced to the current price hike. However, this just seems to be a short-term action until the coin trades above $7k persistently.

Also, Bitcoin value is holding strong support from the 50-day and 200-day daily MA due to the current uptrend. The 20-day Bollinger Bands are seen squeezing, and as per the current visible bullish MACD, we believe that the coin will hit above the upper band with $6,600 serving as the major support to swear by.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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