Bitcoin price received a strong influx of buying volume which uplifted the price by nearly 4% to 5% since the beginning of the fresh weekly trade. However, the upswing is being challenged by the bears at the moment but the bulls seem to be self-assured of securing the levels above the immediate resistance soon.
Below mentioned are the indicators which are flashing bullish signals for the Bitcoin (BTC) price.
Beginning of a New Trend
After the recent positive price actions, the hopes of a strong upward trajectory thrive. Moreover, the Aroon Indicator which is used to identify the trend reversals signalled a bullish divergence after a pretty long time.
A shift in the momentum is witnessed for the BTC price as the Aroon Up line has made a crossover and surged above the Aroon down line. Conversely, the RSI is Rasing high which signals a shift in momentum towards the north. Therefore, this may assist the price to clear the $24,000 price zone and heading towards the $24,480 resistance at the earliest.
Bitcoin Breaking the 50-Day MA Levels
Bitcoin price was trading below the 50-day EMA levels for quite a long time in the daily time frame. As the star crypto ignited the fresh weekly trade on a bullish note, the price is currently testing one of the important resistance at the 50-day EMA.
If the BTC price manages to stay above these levels, then the asset could continue with its bullish trajectory to achieve the crucial resistance. If the asset faces rejection at these levels, then a plunge could drag the price lower closer to the $22,400 support levels.
Collectively, the recent price actions indicate a strong trend reversal, but the asset following a bullish or a bearish reversal may be dependent on the volume induced. Currently, bulls appear to be dominating, but they also tend to get exhausted quickly. This is when the bears gain control over the rally and restrict the price below the crucial resistance.
Therefore, the next 24 to 48 hours may be extremely important for the Bitcoin (BTC) price rally as a notable change in the price trend may be expected.
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Source: https://coinpedia.org/price-analysis/bitcoin-btc-price-likely-to-record-a-bullish-week-ahead/