BTC / USD Price Analysis: Growing Strong
Bitcoin / USD Short-term price analysis
BTC has a bullish short-term trading outlook, with the BTC / USD pair advancing above the important $6,000 resistance level.
The four-hour time frame is showing that bulls are fully in control of price-action with the BTC / USD pair continuing to make higher price highs.
Technical indicators on four-hour time frame have now turned bullish and show scope for further upside.
Pattern Watch
Traders should note that bulls are continuing to eradicate the presence of any bearish patterns on the four-hour time frame.
Relative Strength Index
The Relative Strength Index indicator on the mentioned time frame is bullish and shows scope for further upside.
MACD Indicator
The MACD indicator on the four-hour time frame is attempting to turn bullish, following the latest rally in the BTC / USD pair.
Bitcoin / USD Medium-term price analysis
BTC has a strong bullish bias over the medium-term, with the BTC / USD pair now trading at its highest level since November 19th, 2018.
The daily time frame is showing that the BTC / USD pair is now approaching major technical resistance from the $6,400 and the $6,900 levels.
Technical indicators on the daily time frame are bullish, although they are starting to approach overbought territory.
BTC / USD Daily Chart by TradingView
Pattern Watch
Traders should note that a potential inverted head and shoulders pattern is starting to take shape on the daily time frame.
Relative Strength Index
The Relative Strength Index is bullish and has now moved into overbought territory.
MACD Indicator
The MACD indicator on the daily time frame is bullish, although it is starting to appear overstretched.
Conclusion
BTC has an increasingly bullish bias over both time frames, with the number one cryptocurrency now trading above the $6,000 resistance level.
The emergence of a potential inverted head and shoulders pattern on the daily time frame offers a strong indication that the BTC / USD pair can still trade much higher over the medium-term.
BTC has a bullish short-term trading outlook, with the BTC / USD pair advancing above the important $6,000 resistance level.
The four-hour time frame is showing that bulls are fully in control of price-action with the BTC / USD pair continuing to make higher price highs.
Technical indicators on four-hour time frame have now turned bullish and show scope for further upside.
Pattern Watch
Traders should note that bulls are continuing to eradicate the presence of any bearish patterns on the four-hour time frame.
Relative Strength Index
The Relative Strength Index indicator on the mentioned time frame is bullish and shows scope for further upside.
MACD Indicator
The MACD indicator on the four-hour time frame is attempting to turn bullish, following the latest rally in the BTC / USD pair.
Bitcoin / USD Medium-term price analysis
BTC has a strong bullish bias over the medium-term, with the BTC / USD pair now trading at its highest level since November 19th, 2018.
The daily time frame is showing that the BTC / USD pair is now approaching major technical resistance from the $6,400 and the $6,900 levels.
Technical indicators on the daily time frame are bullish, although they are starting to approach overbought territory.
BTC / USD Daily Chart by TradingView
Pattern Watch
Traders should note that a potential inverted head and shoulders pattern is starting to take shape on the daily time frame.
Relative Strength Index
The Relative Strength Index is bullish and has now moved into overbought territory.
MACD Indicator
The MACD indicator on the daily time frame is bullish, although it is starting to appear overstretched.
Conclusion
BTC has an increasingly bullish bias over both time frames, with the number one cryptocurrency now trading above the $6,000 resistance level.
The emergence of a potential inverted head and shoulders pattern on the daily time frame offers a strong indication that the BTC / USD pair can still trade much higher over the medium-term.
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