Bitcoin (BTC) Continues Weekly Trend with 24 Hour Gain by CoinEdition

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© Reuters Bitcoin (BTC) continues its weekly trend with 24-hour gains
  • BTC price is up 1.71% in the last 24 hours.
  • There was speculation that a bearish retest was in the cards for BTC.
  • The current bearish guess has been laid to rest as BTC is trading above $16,200.

The price of the cryptocurrency (BTC) market leader is up 1.71% over the past 24 hours according to CoinMarketCap. This brought the price of BTC to around $16,466.16 at press time. In addition, the price of BTC is now up 4.77% over the past 7 days.

Although the price of BTC has increased over the past 24 hours and over the past week, there is some speculation that there will be a possible bearish retest.

Twitter user Altcoin Sherpa (@AltcoinSherpa) shared his thoughts on BTC’s current price action. He is also a bearish retest trader for BTC. However, he added that this bearish theory will be invalidated if BTC manages to reclaim the $16.2K level, which it did.

Daily Chart (Source: CoinMarketCap)

BTC price is now declining by the daily 9 EMA line. As a result, this technical indicator is now acting as a resistance level for BTC.

There is a slight bullish flag on the daily chart of Bitcoin as the daily RSI has rebounded off the daily RSI SMA and is now positioned above the daily RSI SMA. Moreover, the daily RSI line is also sloping towards the overbought territory, which is a positive sign that traders may want to monitor.

4-hour chart for BTC/USD (Source: CoinMarketCap)

The 4 hours chart for BTC is slightly more bullish than the daily chart for BTC as BTC price has broken above the 4 hours 9 lines and 20 EMA. In addition, the 4-hour RSI line has crossed the 4-hour RSI SMA over the past 12 hours. A sign of the continuation of the uptrend would be the current 4 hour candle closing above the 9 and 20 EMA lines.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

Bitcoin (BTC) continues beyond its weekly trend with 24-hour gains showing for the first time in Coin Issue.

See the original on CoinEdition

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