Price Analysis

Bitcoin (BTC) Impressively and Bullishly Inclines Towards $9,800

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Bitcoin, at the time of writing, was trading above $9,700 and observing a price accumulation after hitting the weekly lowest at $9,200. However, if the coin witnesses even gradual lows within the accumulation, the price of interest would be $9,300 and $9,000 within $9k to $10k.

Now, if we carefully watch out the numbers in the above tweet by Josh Rager, we see that the trading price of interest remains between $7,900 and $8,200 as the maximum hands have been exchanged within the range since May 2019. Therefore, this gives a sure shot conclusion that if we don’t accept dumps in between, we do not deserve price pumps ahead.

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

Taking a glance at the 2-hourly movement of BTC against US Dollar, we see that the coin is facing moderate volatility and a “death crossover,” leading to price accumulation. Bitcoin price has got no steady support from the imminent moving averages and is slightly below 38.20% Fib Retracement level. The consistent higher highs formed seemed to have converted into consistent lows as bearishness pushes in. However, the intraday trading on BTC has turned out to be quite a gainer as the BTC value rises towards hitting $9,800 and above soon. The “golden crossover” on the daily chart is the hint towards the Bull Run that seems approaching subject to volatile pullbacks.

Technicals:

The MACD of Bitcoin holds an intraday bullish divergence as the MACD line cuts above the signal line on the hourly BTC/USD chart by Coinbase.

Similarly, the RSI of the coin is seen rising above the support point and is laid at 50.56, showing no trading extremities at present.

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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