Price Analysis

Bitcoin Rises Drastically within No Time; Hits the Overbought Region

  • Bitcoin trades above $7,000 after having hit bottom around $6,900, just at the time of writing
  • BTC price gains support as it takes a steep climb above $7,100
  • The Green long candle has hit the right direction only if it would stay

Bitcoin price trend looks like a half hourglass, from trading around $7,340 yesterday to currently trading at $7,145.78. Within the said time frame, the price of BTC even hit below $7,000 at $6,851.62 on Coinbase, within no time. The moving averages are currently providing massive support to the coin as it corrects positively. The MACD that was giving a bearish outlook just had a bullish crossover as the RSI rises steeply from the oversold region towards the overbought at 67.68.

Bitcoin Price Analysis:

BTC/USD Chart
BTC Price Chart by TradingView

Analyzing the intraday movement of BTC/USD, we see that the coin is trading positively currently until it takes any sharp turn. The market has been moving optimistically since yesterday after having a despairing trading week, previously. The coin plunged by over 6% from trading at $7,340.58; however, current counters are positive.

Important to note that as Bitcoin price took a steep upturn, the MACD turned bullish as the MACD cut the signal line from down.

The supports that were previously inactive have also turned agile as it is rightly grounded by the 5-day SMA and 5-day EMA.

However, the selling pressure is still intact, but the BTC whales and loyalists would be hitting the trade at the right points.

Immediate Resistance- $7,350 and $7,500

Immediate Support- $6,900 and $6,750

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.
Back to top button
Close