Bitcoin saw a much-needed break from its extended period of non-volatility as the bulls took control of the price to break two significant resistances and turn them into supports. This has also given HODLers something to root for, and has left investors trying to catch the next break upwards.
The 1-hour outlook shows an uptrend from $6221 – $6335 – $6421 – $6500, demonstrating the healthy growth of the coin over the past few days. The bullish caused the coin to break resistance levels at $6390 and $6480, with further supports set at $6220 $6295 and $6350.
The Parabolic SAR indicator is demonstrating a bullish turn.
The MACD is demonstrating a bearish crossover and continues to move downwards.
The Awesome Oscillator is bearish as well, as evidenced by the red lines moving downwards.
The long-term trend for Bitcoin sees the price moving up denoted by the $6185 – $6270 – $6500 trendline. However, a long-term downtrend is visible from $9800 – $6500 as well. Resistances are set at $6525, $6750, $7360 and $8385, with supports at $6145 and $5850.
The RSI shows that buying pressure is increasing, as evidenced by the upward movement of the index.
The Relative Vigor Index is flashing a bullish crossover signal.
The Aroon indicator is demonstrating a reversal in the downtrend as the uptrend is increasing in power.
While the price of Bitcoin might see a short-term retracement back to established support levels in the short term, the price seems set to continue moving upwards as the coin begins to regain momentum.
The post Bitcoin [BTC/USD] Technical Analysis: Bullish break rescues coin from bear’s clutches, but for how long? appeared first on AMBCrypto.