Bitcoin [BTC/USD] Price Analysis: Price on a roller coaster ride after briefly crossing $4,000-mark

Bitcoin reclaimed the $4,000 level in a show of great market sentiment as it was a resistance level the coin hadn’t crossed in over two months.

Bitcoin’s price, at press time, was $4,004, with a market cap of $71 billion. The coin’s 24-hour trading volume also surged due to the recent pump, hitting $10 billion. Most of the trading volume for Bitcoin came from BitMEX exchange, which contributed to a whopping $1.47 billion in trading volume.

1-hour

Source: TradingView

The one-hour chart indicated bullish momentum for Bitcoin as the downtrend inclination suddenly changed due to the rally. The downtrend extended from $4,163 to $4.013, while the resistance at $3,953 was tested during the rally.

The Parabolic SAR markers formed below the price candles and indicated a bullish presence in Bitcoin’s one-hour chart.

The MACD indicator underwent a bullish crossover, reaching the 30-line.

The RSI struck the oversold zone, and was heading down towards the 70-line. This indicated a shift in momentum for Bitcoin.

1-day

Source: TradingView

The one-day chart showed a downtrend that extended from $9,800 to $4,000. The support line at $3,122 was holding well, but the resistance at $4,111 was about to be tested. The subsequent resistance was seen at $7,641.

The Aroon indicator showed a strong uptrend for Bitcoin, while the downtrend line was headed to the bottom. This indicated a change in trend in the longer timeframe.

The Stochastic indicator also showed a strong bullish crossover heading towards the oversold zone.

The Chaikin Money Flow tool was above the zero-line and indicated a massive money influx into the Bitcoin markets.

Conclusion

The one-hour chart showed heavy bullish momentum for Bitcoin, as indicated by the SAR and the MACD indicator. However, the RSI indicated a slight decrease in bullish momentum. The one-day chart for Bitcoin showed unanimous massive bullish momentum, unlike the one-hour chart.

The post Bitcoin [BTC/USD] Price Analysis: Price on a roller coaster ride after briefly crossing $4,000-mark appeared first on AMBCrypto.

LEAVE A REPLY

Please enter your comment!
Please enter your name here