Bitcoin Price and Technical Analysis- Will Bitcoin Hit Above $5,000?

Bitcoin prices are looking bullish as the prices are rising since November 29. The 24-hour change shows an almost 2% increase in Bitcoin’s prices.

Current price: $4300

Market Cap: $74.82 billion

Trade Volume: $6.18 billion

Bitcoin Price Analysis Report for 1 Day

  • Uptrend

The uptrend is forming but will take time to materialize completely

  • Downtrend

The downtrend for Bitcoin in the one-day timeframe for Bitcoin ranges from $9799 to $4225.

  • Support

Bitcoin prices are supported at $3730 which is quite higher than the earlier supports.

  • Resistance

The resistance points for Bitcoin can be seen starting from $7359, $8390 to $9799. The rest of the chart shows nothing but brutal dips by Bitcoin.

Indicators That Affect The Price Of Bitcoin

  • MACD

The MACD seems to get off the bearish crossover ride as the MACD and the signal line have touched each other and are on the verge of a possible crossover.

  • Awesome Oscillator

The Awesome Oscillator shows bars hanging below the zero line which means that the momentum is decreasing.

Bitcoin Price Analysis Report for 1 Hour

  • Uptrend

The prices have finally moved up causing an uptrend that extends from $3845 to $4205.

  • Downtrend

The downtrend for Bitcoin seems strong and it ranges from $5495 to $3799, in one length without any breakups.

  • Support

The prices for Bitcoin have taken off from the support at $3605 in what seems to be a bull-run.

  • Resistance

Initial resistance can be seen set up at $4345, a post which the resistance point can be seen at $4749 and $5544.

Indicators That Affect The Price Of Bitcoin

  • Parabolic SAR

The Parabolic SAR dots are showing a bearish trend in the one-hour time frame as the parabolic dots have formed above the candles, which is a bearish indication.

  • Relative Strength Index

The RSI has crossed above the 50 line and is almost reaching the 60-line, which shows a slightly bullish trend.

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