Bitcoin has shown signs of bullishness in recent weeks pressing up the charts in moves that may be indications of “Hope for a better tomorrow”. By Friday morning, Bitcoin was trating above $4,100 reinforcing the notion that the bulls are dominant. This is the highest attainment in five weeks.
Over the last few weeks, the dominant cryptocurrency has gradually climbed up the price ladder at an astonishing rate. However, as many find this impressive and assuring, the coin has also met with resistances that have kept it below the $4,000 mark.
Bitcoin price speculations within the last couple of days were pointing towards downward trend below $4,000. It however remained steady and overcame a sell-off on Monday.
Although, a little price drop was recorded on Tuesday, BTC price hovered within a few tens of $3,920.
Nevertheless, by Wednesday morning, 8:30 UTC, alongside altcoins, BTC swung upwards again as it traded at $4,051.58, climbing above the $4,000 resistance for the second time in two weeks, signifying a 2.4% gain within 24 hours.
Bitcoin price generally determines the direction of the crypto markets considering that its dominance over the entire market cap is still around 50.4%.
The bears seems relenting on the short-term as seen with opposing movements created by the appearance of a doji seen on Feb. 27.
This would only be resurrected provided there is a strong Persistence to the rebound from the previous 30-day MA support, preferably a breakthrough higher up the previous height of $4,055 seen on March 21.
As at the time of writing, BTC is navigating at $4,015 on Bitstamp, implying a 2.6% increase on a 24-hour analysis. A height of $4,031 was reached shortly before closure.
From the above, BTC has recorded a bid corresponding to the 30-day MA, currently at $3,889. This sinusoidal pattern would record credence if the counter attack ends up building a price height above the $4,055 price recorded as at March 21st.
That would expose the height $4,190 seen in February above which a base resistance is seen at $4,236 – the down trend lower high created on Dec. 24.
With regards to the 8-hour analysis, BTC has broken the falling trend on the upside and the resistance is followed by an upward movement reads a relative strenght index (RSI) of 61.00