Bitcoin [BTC] Price Analysis: Coin rides on bulls’ momentum to climb higher

The cryptocurrency market has flipped and most major tokens are reporting tremendous growth. Bitcoin holders would be happy as the coin reflects green in all the one hour, 24 hours and seven day markets. Ethereum [ETH] is the top gainer of the market, followed by EOS and Bitcoin Cash.

At press time, BTC was valued at $3,796.90 with a market cap of $66 billion. The coin registered a 24-hour trading volume of $8 billion. The world’s largest cryptocurrency noted a growth of 4.68% over the past day and rose by 3.85% over the past seven days. While reporting, the token was noting a growth by 1%.


Source: Trading view

Source: TradingView

The one hour chart for BTC noted a sudden uptrend from $3,600.86 to $3,735.33. The coin failed to note any significant downtrend or resistance due to the current price rise. The coin marked support at $3,687.10.

Bollinger Bands appear to be diverging, increasing the volatility in the market. The moving average line is under the candles suggesting a bullish market.

Awesome Oscillator indicates a bullish market with strong momentum.

Chaikin Money Flow also indicates a bullish market as the markers are well above the zero mark.


Source: Trading view

Source: TradingView

The one day chart for the coin opens with a downtrend from $6,188 to $3,195.77, which was followed by an uptrend from $3,184.28 to $3,566,59. The token met with resistance at $4,075.34 and support at $3,358.99.

Parabolic SAR points towards a bullish market, as the markers have aligned under the candlesticks.

MACD line is over the signal line, indicating a bullish market. However, a crossover seems imminent.

Relative Strength Index indicates that both the buying and selling pressures are evening each other out, but the token is approaching the oversold zone.


As per the indicators from the one hour chart and the one day chart, a bullish future is predicted for the token.

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