Rajarshi Mitra
Independent Analyst
- BTC/USD broke above the SMA 50 curve this Wednesday in the daily chart.
- The RSI indicator in the hourly chart is crawling along the edge of the overbought zone.
BTC/USD daily chart
-637232033474023730.png)
BTC/USD bulls remain in cruise control after the price went up from $7,137 to $7,147.20 this Wednesday. Before this, BTC/USD finished charting a morning star pattern this Tuesday when it bounced up from the upward trending line and flew up from $6,855.70 to $7,137 – going past $7,000. In the process, the price managed to break above the SMA 20. The bulls are aiming to conquer the $7,354.85 resistance line before it gets checked by the upper curve of the 20-day Bollinger Band. The MACD indicates sustained bullish momentum, while the Elliott Oscillator has had five straight red sessions.
BTC/USD hourly chart
The hourly chart shows that the price has steadily risen over this Wednesday and Thursday, rising above the green Ichimoku cloud and the pennant structure. The bulls are next aiming for the $7,177.20 resistance line. The RSI indicator is crawling along the edge of the overbought zone.
Key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.