Bitcoin was trading at $30,000 as of the writing. As the bears saved Bitcoin, it has held firm at $28,000
Bitcoin tried to end its consolidation over the past 24 hours. It must be traded above $31,000 in order to invalidate consolidation.
It is possible that the lateral movements will cause an increase in volatility. On the one-day chart, Bitcoin indicators look optimistic. BTC has seen a 4.6% increase in 24 hours and 0.8% growth over the past week.
Although the global cryptocurrency market cap today is positive, it could still be that price breaks on the downside. With a market capitalization of $1.33 trillion, the global cryptocurrency market today stood at 1.33 Trillion. 3.8%In the last 24hrs, there has been positive change.
The One-Day Chart: Bitcoin Price Analysis
At press time, Kingcoin traded at $30.542. The currency broke through the $29,000 mark after it traded close to $28,000 as its strict support line.
Overhead resistance stood at 31,000 for the coin. The bulls are continuing their momentum and the coin could try to trade as close to $34,000.
Another resistance point was at $36,000. Then at $37,000. It was bullishness that led to the volume rising.
The volume bar, which was also green when the article was published, indicates an increase in buying pressure. While Bitcoin painted bullishness as the coin’s purpose, it created a downward triangle.
An upward triangle indicates bearish price action. It cannot be known if the coin will move to the upside or down.
Technical Analysis
The one-day chart showed bitcoin flashing bullish signals. Relative Strength Index recovers on chart. The indicator moves north towards the 50 line.
This indicated that the market was reopening and that there is increased buyer demand, which indicates bullish pressure.
The Average Directional Index shows the coin’s directional trends. It was found that the ADX was above the 40-mark. This indicates that there was an active trend.
However, ADX showed a decline which could indicate that current price momentum is waning.
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Awesome Oscillator depicted green histograms. It indicated market momentum, and bullishness. The one-day chart also showed buy signals from AO.
As the Relative Strength Index climbed close to the half-line, this corresponded. Chaikin Money flow determines capital outflows and inflows.
Because capital inflows have recovered, the indicator hovered close to half-line.
However, it is not certain if BTC will follow the indicators since the coin points to a bearish trend in its price.
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