Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency surfs on the bullish wave as bear skulks belowNovember 29, 2018
The cryptocurrency market’s recent bullish run has seen a lot of coins climb up the charts with Bitcoin [BTC], the largest cryptocurrency, entering the $4000 club again. Just last week, BTC had fallen to the $3700 – $3800 range, which forced a lot of analysts and experts to claim that Bitcoin prices will continue falling.
The one-hour BTC chart shows a valley that was formed because of the donwtrend and the uptrend. The uptrend saw the prices being lifted from $3784.2 to $4308.57. The support for the cryptocurrency has been holding at $3602.78 while the resistance at $4461.82 has still not been broken.
The MACD indicators shows the MACD line and the signal line crossing over in a bullish manner. The MACD histogram has been quite flat for quite some time, with the bull sneaking around the corner.
The Awesome Oscillator shows a spike in the bull’s behavior, with the market mometum staying positive.
The one-day Bitcoin chart indicates a slight recovery after the cryptocurrency fell drastically in the middle of November. The downtrend saw the price falling to $432.05 while the following uptrend raised Bitcoin to $4311.17. The long term support has been holding at $3689.24.
The Bollinger band has undergone an outbreak after the substantial bearish fall. The upper band and the lower band are both diverging, which is a sign of a continued bearish trend.
The Relative Strength Index points to Bitcoin climbing back into the RSI zone after breaching the oversold zone. This means that the selling pressure is substantially more than the buying pressure.
Bitcoin’s rise and fall have been sporadic over the past few weeks with the bull finally shining on the cryptocurrency market. The above-mentioned indicators have all taken the side of the bull, while Bitcoin tries its level best to move up from the spot it is languishing in right now.
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