fbpx
Price Analysis

Bitcoin Gains Traction, Uptrend Pushes the Much-Awaited Price Rally

  • Bitcoin trades above $10,700 just sometime back and gains a direction as BTC/USD spikes.
  • The market cap has also gained the required traction with the recent price surge.
  • The current trading scenario may either move flat or even surge, as the 75% of the candles are green which direct towards a bullish uptrend.

Bitcoin is currently trading with a 1.22% growth over the past 24 hours. The day opened with a surging trend and at present, the future trend also points out towards a bullish crossover only. The candle formation well supports the Bull trend to happen.

Bitcoin Price
BTC Price Chart by TradingView

Tracing the 30 minutes movement of the coin (data feed from Coinbase) over the past 1-day, we see that BTC price bounced back to $10,730.99 after having corrected downwards from $10,587.60 to $10,454.54. Bitcoin price escalated by 2.64% and crossed its key resistance at $10,500 and $10,700. With this the coin is currently trading at $10,688.94.

When observed closely, the RSI was above 70 at the time BTC price went beyond $10,700. This shows the overbought phase of the security.

BTC since the start of the week is range bound with a bullish crossover only. This makes its lovers and investors believe that the past week was just a bump in the road.

Unlike the previous week’s trading duration, this week’s price and momentum looks quite promising. Bitcoin can end the year on a good note if the current price rally pushes the coin to persistently trade at $11,000 and beyond.

Technical Indicators:

The current price and trend have a rooted support from the short as well as the long-term moving averages. Bitcoin price (at 04:43 UTC) is notably above by 2.02%, 4.66% and 3.35% from 30-day SMA, 100-day SMA and 10-day EMA.

The MACD of the coin has a gaining momentum in the bullish horizon as the MACD line is above the Signal line.

Resistance level: $10,800 and $11,000

Support level: $10,500 and $10,000

Tags

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.

Related Articles

Back to top button
Close