Bitcoin is continuing its bullish momentum since last week. Bitcoin has touched a low point of $27.717 on April 6th. We can see a bull market, which drove the price of BitcoinUSD higher than the $30,000 handle today.
The daily timeframe shows that the resistance to the channel has been broken, indicating the strength and power of the bulls.
The hammer pattern can be clearly seen above the $27.717 handle.
Bitcoin’s price movement is still in a range between $29,800 to $30,200, which indicates a consolidation phase.
STOCH and Williams Percent Range both indicate high levels of overbought, which indicates that a price decline is likely in the near term.
The relative strength index stands at 74.02, which indicates a strong market demand and continued buying pressure in the markets.
Bitcoin is currently moving higher than its simple 100-hour moving average and its exponential 200-hour moving average.
Many of the key technical indicators are signaling a bullish signal. We expect targets of $31,000 and 32,500 in the near term.
The average true range indicates low market volatility combined with strong bullish momentum.
- Bitcoin bullish continuation can be seen…