The world’s first cryptocurrency, Bitcoin has been doing well for itself considering the previous year. The currency has picked itself up above the $4,000 line and has been holding it steadily. The market cap of Bitcoin is $71 billion with 24-hour trading volume at $5.08 billion.
The one-hour chart of Bitcoin shows prices in an uptrend bullish movement which extends from $3,238 to $3,891. The downtrend, however, extends from $4,205 to $4,062. The prices are holding above the support at $3,578, while the resistance band range from $3919 to $3944 has been successfully breached and holding. The next resistance band range is from $4203 to $4239.
The Parabolic SAR markers are formed below the price candles which indicates a bullish trend for Bitcoin.
The MACD indicator is showing a bullish crossover as the MACD line has crossed above the signal line. The MACD histogram is also started sprouting green.
The Awesome Oscillator shows a bullish crossover that is still underway as the green bars have crossed over to the top of the zero-line.
The uptrend for Bitcoin in the longer time-frame cannot be expected to be formed yet. The downtrend, however, can be seen hanging at $9800 to $4035. The prices are supported at $3183, with resistance lines present at $7359, $8385.
The Aroon indicator shows a sharp rise in uptrend i.e., the green Aroon-line to power as the downtrend seeps down to the zero mark.
The CMF is riding the wave above the zero-line which indicates that the money is flowing into the market for Bitcoin and buyers are controlling the market.
The Relative Strength Index shows a similar scenario where the buyers are controlling the Bitcoin markets as the RSI line is high and near the 55-line.
The one-hour chart for Bitcoin is showing a bullish scenario which is indicated confidently by SAR, MACD and the AO indicators. The one-day chart shows a similar bullish scenario as the one-hour chart which is indicated by the Aroon, CMF and the RSI indicators.
Subscribe to AMBCrypto’s Newsletter
World Wire is based on standards developed by SWIFT, says IBM’s Head of Blockchain Solutions
Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether
Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over
DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum
Flash hike: Qtum skyrockets by over 36% in 1-hour after Apple Pay & Samsung Pay announcement
Craig Wright’s Twitter account suspended after threatening harassment and libel lawsuits
Qtum partnership with Zeus enables users to trade cryptocurrency on Apple Pay, Samsung Pay
Bitcoin Cash [BCH] developers introduce privacy-protecting lightweight protocol, Neutrino
Bitcoin Cash [BCH] Price Analysis: Bears return as market correction precipitates decline
Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency
CFTC Commissioner: Regulated cryptocurrency market could attract institutional investors
Bitmain’s overproduction of ASIC miners led to lower mining profits, claims miner
Binance is going country-hunting in search of their ‘regulatory paradise,’ says report