- Bitcoin, at the time of writing this analysis, was trading at $8,647.05 on Bitstamp, seems to be preparing for another consistent higher high trend
- BTC/USD retains imminent support from the daily moving and hourly moving averages as it hits above $8,500 after testing supports around $8,200 and $8,300 in the past week
- BTC price impressively holds price correction to experience a rising trend before drawing a weekly close
- The 50-day and 100-da daily MA are providing utmost support to the current trading price
Bitcoin is showing an important uptrend forming when looked at the trend cumulatively since the last month of the previous year. The current movement of the coin is rightly above 38.20% Fib Retracement area and we predict bullish days ahead, until the loss of momentum.
Bitcoin Price Analysis
Taking a glance at 4-hourly BTC/USD movement rightly shows us the growing trend of the coin. The formed pattern has been repeated twice in the said time frame towards the onset of the new week or at the closing of the bygone week. The current trading is not open for any volatile downtrend in the upcoming days due to retained support. Also, a positive move above $8.5k has been a savior and indicates towards the continuation of a higher high trend.
However, if the said pattern ought to happen again, then as per the trend, the price will correct downsides temporarily before rising again, keeping intact the trend consistencies.
The technical indicators laid indicate towards the bullish crossover as the MACD of Bitcoin cuts the signal line from below due to the rebound from the critical support at $8.2k and $8.3k.
The RSI of the coin is nearly hitting the overbought region at 65.88 due to the positive intraday move.