Bitcoin: Finally a Confirmation
Updated
Market is finally giving us some confirmation.
Bitcoin is showing resilience as it trades at $51568, having found a stable footing above the lower Bollinger Band which suggests a support level around $50621. The recent close is higher than the opening price, indicating buyers have stepped in to push the price upward.
The MACD, a key indicator of momentum, has swung into bullish territory with the MACD line (-122) above the signal line (-145), pointing towards a growing bullish trend.
Meanwhile, the RSI is at 53.54, which is neutral and indicates that there is room for movement in either direction without being in the overbought or oversold territory. The current price is just above the Simple Moving Average (SMA) of $51000, which could act as a pivot point for future price movements.
Given these indicators, traders may look for the price to challenge the upper Bollinger Band at $51900 as a potential resistance in the short term. The positive change in volume compared to the last session also suggests increased buying interest.
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Bitcoin is showing resilience as it trades at $51568, having found a stable footing above the lower Bollinger Band which suggests a support level around $50621. The recent close is higher than the opening price, indicating buyers have stepped in to push the price upward.
The MACD, a key indicator of momentum, has swung into bullish territory with the MACD line (-122) above the signal line (-145), pointing towards a growing bullish trend.
Meanwhile, the RSI is at 53.54, which is neutral and indicates that there is room for movement in either direction without being in the overbought or oversold territory. The current price is just above the Simple Moving Average (SMA) of $51000, which could act as a pivot point for future price movements.
Given these indicators, traders may look for the price to challenge the upper Bollinger Band at $51900 as a potential resistance in the short term. The positive change in volume compared to the last session also suggests increased buying interest.
Enjoyed the analysis? Don’t forget to hit like, drop a comment with your thoughts, and share it with your friends.
Trade closed: target reached
Turned out exactly as expected:Comment
No description, read the chart:Trade active
Here is an update now that BTC is near ATH:
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Here what this confirmation has done so far:
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Update: Expect ATH at any hour now. The market is bullish now.Comment
Updated:
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