Bitcoin price continued soaring yesterday to print a high of around $299. The price has been increasing along the new rising trend line we spotted during Sunday’s analysis. It seems that we will see bitcoin price exceed $300 within the next 24 hours, especially if the trading volume remains as high as it has been during the past 24 hours.
By examining the 1 hour bitfinex (BTC/USD) chart from tradingview.com and plotting the 20, 50 and 100 period EMAs accordingly (look at the below chart), we can conclude the following:
- Since the beginning of March, bitcoin price has been rising along a new trend line (the green trend line on the below chart). The price rises for a few trading sessions then market correction pulls the price downwards to occasionally touch the trend line which reverses the price correction movement and bitcoin price starts rising again afterwards.
- As per the market’s behavior pattern during the past few days, bitcoin price is expected to decline to touch the rising support level at around $288 before rising again towards the $300 resistance level within the next 24 hours or so.
By studying the 1 day Bitfinex (BTC/USD) chart from tradingview.com, plotting the 20, 50 and 100 day EMAs and calculating the RSI and MACD indicator accordingly (look at the below chart), we can notice the following:
- Bitcoin price is now above the 20, 50 and 100 day EMAs which reflects the short termed bullish wave.
- As the MACD indicator is in the positive territory now and as the blue MACD line is above the red signal line, the bullish wave is expected to continue to push the price up to test the $300 resistance level soon.
- The RSI is now valued around 68 so we can still see bitcoin price rise; however, if the RSI exceeds 70, this can signal slowing down or even reversal of the bullish wave.
Conclusion:
Bitcoin price continued rising yesterday to score a high of around $298. Our technical analysis is in favor of a rise in bitcoin price to test the $300 resistance level within the next 24 hours.
Charts from bitfinex