Bitcoin(BTC) Price Yet Again Above $40,000! Traders Look Out for the Pivotal Levels Here!

Bitcoin(BTC) Price Yet Again Above ,000! Traders Look Out for the Pivotal Levels Here!

Whenever the Bitcoin price is speculated to be more or less stagnant, the star crypto makes a larger move proving its strength. A similar instance occurred in the early trading hours when the assert broke above the consolidation to hit $41,700. However, no major possibilities of a pullback or correction are witnessed as of now but yes, the buyers are exhausted a bit. Therefore, the upcoming price trend may be extremely interesting to watch out for as the BTC price despite showing bullish momentum, tend to drop down massively. 



Bitcoin(BTC) Short-Term Price Analysis

  • Bitcoin after a notable spike flashes out huge bullish signals as the asset is swinging within a bullish flag pattern
  • Therefore, consolidation within the parallel channel for the next couple of hours is pretty much possible that may result in a breakout
  • The breakout from these levels may uplift the price towards the upper resistance around $43,000
  • Here, the bears are expected to get activated yet again who may try hard to drag the price below $42,000 yet again. 
  • Hence the bulls are required to maintain a similar strength along the $43,000 price zone too, in order to maintain a significant uptrend

Bitcoin(BTC) Short-Term Technical Analysis 

Indicator Value Action
Relative Strength Index(RSI) 78.33 Buy
MACD 907.2 Buy
Average Directional Index(ADX) 63.5 Buy
Average True Range(ATR) 447.3 Less Volatile
Bull-Bear Power 2443.92 Buy
  • The RSI is extremely bullish as its approaching the overbought levels strongly. No doubt a minor plunge may be expected once these levels are attained. Yet RSI may withstand without falling towards lower levels
  • MACD, showcases extreme buying pressure mounting and hence no short-term reversal or pullback may be expected until the asset smashes the near resistance
  • ADX, which is a strength indicator, displays huge strength accumulated with the rally which is extremely bullish
  • On the other hand, the volatility indicator ATR points out the asset to be less volatile and hence no significant change in trend is expected
  • The bulls appear to be extremely strong and the Bull-Bear power is extremely bullish

Source –

Written by: Sahana Vibhute


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