In the heat of everything that’s been going on in the world, and in global markets, Bitcoin (BTC) has been comparatively quiet lately. Even as its halving rapidly closes in, the leading crypto has been quietly and steadily holding in a slight upward pattern throughout April; but now, it may be stepping back into the spotlight with some consequential moves.
We start on a 3-day chart to understand what’s happening. Bitcoin has steadily closed the gap in the present market structure, and is now doing its first serious pushing on the top of its current retracement scale.
Currently hitting the ‘golden pocket’ fibonacci retracement zone around $8,000, Bitcoin only needs to go a bit further in order to break regional structure. But, this has very much not happened yet, so there is no reason just yet to revise our medium-term outlook.
Moving to the daily, we first see that price has nearly taken the significant support zone between $7,500-8k. The EMAs are just now crossing fully bullish, with smallest on top and largest on bottom. The flat volume in this situation might not be bad, implying that these gains have been put in without even much attention.
We see a clearly bullish progression on the RSI, while the histogram has been stolidly defended on the positive side. The MACD averages have also crossed up and are still pointing up in what looks like a new expansion that may begin today. The picture is bullish.
Finally, coming down to the 4-hour for a detailed look, we see that there is not much room left in the regional channel for Bitcoin to rise. Bitcoin has been in this channel for all of April and some of March, so we can expect resistance at the top of it, at $8,250 – even if only temporary.
The RSI here looks excellent, not showing any bearish divergence on recent highs. From this, we can expect that channel top at least to be hit. The histogram has also crossed back positive in the last few hours. Everything here looks bullish until $8,250.
Bitcoin is looking promising. We shall soon see if the hype is real.
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