Bitcoin price analysis shows multiple bullish targets met after briefly reaching $24,000. The BTC/USD slope has been bullish on the hourly charts and continues to rise. A short stay above $24,000 puts a smile on the bulls’ faces as they prepare to enter long positions targeting $26,000. However, bullish traders should not remove safety stops in anticipation of a warranted move higher.
Bitcoin price analysis certainly shows that Bitcoin/USD has upside potential. Going against the current uptrend could be wrong for the bear portfolio as short selling is not right now. Other altcoins are also showing renewed enthusiasm to climb higher as the week begins to move higher. Even the grand front does not show any obvious negative news.
Bitcoin price movement in the last 24 hours: Bullish sentiment is increasing on the daily charts
Bitcoin price analysis shows a strong uptrend as lows have turned into stronger gains on the charts. Last week’s bullish move has pushed the price between $22,500 and $23,800. A sharp break is not reflected much in the daily charts and is only a small blow. However, the strong performance of stocks on Wall Street supports the rise in the price of Bitcoin.
So, is the current bullish trend worth pursuing lofty goals? Definitely not. Going all in on the current trend can be costly for traders. An analysis of Bitcoin’s daily chart shows major resistance at $25,000 and then at $26,900. Bears will try to reverse any major uptrend that appears here. As the slope gradually increases, the triangle pattern shows signs of reversal on the hourly chart.
The previous bullish setup is now confirmed after the current rally to $24,000 according to Bitcoin price analysis. Retailers have yet to take full advantage of this trend. With this trend emerging on the hourly charts, the market is proving to be beneficial for day traders.
BTC/USD 4-Hour Chart: A Field Day for Bitcoin Day Traders
The current analysis of Bitcoin price is towards the first bullish target at $23,900. The relative strength index is comfortably above 60 and there is no sell signal. The MACD indicator also shows no signs of a reversal or crossover. The current uptrend on the hourly charts is safe and the market structure is not negative at all.
Traders can target $26,500 as the next target on the daily charts. Those already in the trade should set their stop losses and book the appropriate profit. Conversely, traders should look for any breach of the $22,000 level where the current uptrend will be nullified. If this level is breached, the bears will again be in charge.
Bitcoin Price Analysis: Bitcoin/USD shows strong confidence after several weeks
After weeks of weakness and uncertainty, Bitcoin traders are enjoying a field day. The price of Bitcoin is $22,900 and there is enough support near $22,000. If the bears want to break below $20,500 again, they will need to take appropriate action. Although the technical indicators are on the upward side. The next levels on the BTC/USD chart are $23,650 and then $25,000 on the psychological chart.
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