Bitcoin

Bitcoin (BTC) shows promising signs of a bullish trend, forming three-white soldiers pattern on the price chart. This pattern, characterized by three consecutive bullish candlesticks, indicates a potential reversal from a downtrend to an uptrend. Furthermore, BTC has successfully crossed above a downward trendline at $26,400, further strengthening its bullish case.Supporting the positive outlook, the relative strength index (RSI) and moving average convergence divergence (MACD) indicators are both in the buying zone. This suggests that Bitcoin&#39;s price may continue to rise, attracting the attention of traders and investors eagerly anticipating the next target for BTC.At the time of writing, Bitcoin is trading at $26,921, marking a nearly 2% increase over the past 24 hours. It retains its top rank on CoinMarketCap with a trading volume of $13.2 billion and a live market capitalization of $522.4 billion. With 19,407,018 BTC coins in circulation out of a maximum supply of 21,000,000 BTC coins, Bitcoin continues to hold its dominance in the cryptocurrency market.From a technical perspective, the sentiment has shifted from bearish to bullish as Bitcoin bounced off the major support level at $24,750. In the four-hour timeframe, the BTC/USD pair has formed a bullish pattern known as &#34;Three White Soldiers,&#34; indicating a continuation of the upward trend. The breach of the previous resistance level of around $36,150 further reinforces this bullish sentiment.Key support levels include the 50-day exponential moving average of around $26,300, with immediate resistance at $27,000. A break above this level could propel Bitcoin&#39;s price toward the following resistance levels at $27,400 or $27,700. On the downside, support can be found at around $26,600, followed by a stronger support level at $26,200.Traders should watch the pivotal $37,000 level, as it may impact Bitcoin&#39;s daily price movements. Overall, Bitcoin&#39;s bullish pattern and positive technical indicators suggest a potential upward trajectory for the leading cryptocurrency.

Bitcoin Forms Bullish Pattern, Signals Potential Reversal in Price Trend

ItsBitcoinWorld

2023년 6월 20일에 게재된 다른 기사

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