Bitcoin Marks Rising High And Heads For $ 8000
Bitcoin is trading within an upward channel.
The nearest resistance is at $ 8,050..
The price is inside a short-term symmetrical triangle.
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On April 23, Bitcoin continued to develop the previous day’s growth and formed another bullish engulfing candle on the chart.
The price peaked at $ 7,738, but then quickly pulled back and closed the day around $ 7,482..
The bitcoin rate (BTC) is trading inside an upward channel that appeared on the chart after the price hit a maximum of $ 6,900 on March 20. The pair reached the support line of this channel on April 22 and has been growing since then.
The nearest area of resistance is located in the area of $ 8000, where the resistance line of the ascending channel also passes.
Technical indicators are not giving any bearish divergence signals on RSI yet. This means that the price retains the potential for further growth up to channel resistance. The presence of divergence signals at that point in time will be the decisive factor that determines whether Bitcoin can make a bullish breakout..
Since hitting the bottom on March 12, trading volumes have been declining, which suggests that the current movement is losing strength. However, yesterday’s candle was accompanied by high trading volumes. This indicates the likelihood of another, final, dash to the north, and is also confirmed by the rest of the results of our analysis..
Short term pennant
On the hourly timeframe, the massive trading volumes at the time of the bullish breakout draw attention, which makes this price move significant. Since then, price has formed a symmetrical triangle on the chart, which is likely to act as a continuation pattern. This bodes well for another bullish breakout..
If this happens, the price could complete the move towards the $ 8000 level we highlighted above.
Thus, the bitcoin rate broke through an important resistance level and tested it for strength as a support. The price has formed a symmetrical triangle, which is likely to act as a continuation pattern and allow the price to reach the $ 8000 area.
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