The popular saying Another Day, Another Dollar seems very apt in the current Bitcoin market which is seeing gains of a dollar a day. Since our previous observation at $242.03, Bitcoin has added $1 to be trading at $243.08.
And not much has changed in the chart structure and the technical picture in the past 24 hours. Take a look at the latest case for Bitcoin.
Bitcoin Chart Structure – We discussed in the previous Bitcoin price analysis A Couple of Resistances that the cryptocurrency was struggling to cross $244, however, the price went on to hit an intraday high of $246.24 later in the day yesterday. This is one positive sign coming in for Bitcoin.
Fibonacci Retracements – Even though Bitcoin crossed $244 and closed yesterday at $244.21, it is presently trading below the 38.2% Fibonacci retracement of $243.84. But there is nothing to be concerned about as flirting with this technical level was always expected.
Moving Averages – Add to the list of positives the breakout of Bitcoin price above the 30-day SMA. The immediate resistance will come from the 200-day SMA of $250.4500.
Moving Average Convergence Divergence – MACD, Signal Line and Histogram, all remain on a positive course. The Histogram is reading a value of 4.0695, MACD is fast accumulating gains and has a value of -2.986 while the Signal Line, gaining but a tad slowly, has a value of -7.0541.
Money Flow Index – The MFI is sustaining closer to the highs with a value of 71.3592.
Relative Strength Index – The RSI is maintaining a fairly neutral bias with a value of 53.2387.
Bitcoin will continue to see more gains in the coming sessions, however, I would not delve into the timing of when it will meet its target of $260. Remain cautious as more and more resistances are up ahead for Bitcoin.
Volatility is expected to remain low in the next couple of sessions.