Bitcoin continues to rise in price, continuing its upward trend from the previous week. After reaching a low of 25,838 on 12 May, we can now see a shift towards a phase of consolidation, following which we expect upsides between $28,500 and $29,000.
A hammer-like pattern can be seen above the handle of $25,838 on the H1 Timeframe.
Bitcoin continues to consolidate today, but we may see a move upwards towards the $27,000 level.
Both the STOCH and Williams’s percent range are in overbought zones, which means that in the immediate short term a decline in the price is expected.
In the weekly and 15-minute timeframes, we can see the formation a bullish Harami pattern.
The relative strength indicator is 48.98. It indicates that there is a neutral market demand for Bitcoin, and that the consolidation of the markets will continue.
Bitcoin is moving now above its 100 hour simple moving average as well as its 100 hour exponential moving average.
The majority of major technical indicators give a bullish indication, meaning that we expect targets between $27,500 to $28,500 in the short-term.
The average true range shows low volatility and mild bullish momentum.
- Above $25,838 is the level where we see a bullish Bitcoin price continuation.
- The RSI…
