Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency braves the bear wind as prices holds above $4,000

The recent resurgence of the cryptocurrency market has seen some remarkable changes in the ranks and the prices of the coins. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] all saw surges that held on for a week, with double-digit rises becoming a common sight.

1-hour

The one-hour Bitcoin chart shows a striking uptrend that lifted the price from $3,243.99 to $4,071.73. The support has been holding at $3141.50 while the resistance is at $4142.68.

The Relative Strength Index [RSI] indicates the cryptocurrency moving within the overbought zone due to the bull run. The hold at the overbought zone is a sign of the buying pressure being more than the selling pressure.

The Chaikin Money Flow indicator has just touched the zero line after holding above it for some time. This shows that the cryptocurrency is still projecting bullish trends while at the same time the money coming into the market and the money leaving the market is at equilibrium.

1-day

Bitcoin’s one-day graph pains the picture of a cryptocurrency that is trying to recover after a drastic crash. The last major downtrend brought the prices down from $6,262.78 to $3,173.31. The long-term support is $3,153.12.

The MACD indicator shows the signal line and the MACD line going up after a bullish crossover. Till the rise, both the lines were moving in a conjoined fashion. The MACD histogram has been showing some movement after a slight lull.

The Awesome Oscillator has surged again during the bullish rise, with the indicators showing positive movement on the graph. Just like the MAC, the AO has also woken up after a decline.

Conclusion:

The above-mentioned indicators have all taken the side of the bull after the price surges even forced Bitcoin to cross the $4,000 barrier after a long time. Although a sustained bull run is still speculative, it is essential to note that the price supports are safe for the time being.

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