Bitcoin price continues to print gains for the third straight session. The price opened lower but recovered to test the session’s high. The current price action suggests bulls will continue to dominate the trend.
- Bitcoin price edges higher but moves in a range-bound manner.
- Expect $52,000 next if the price closes above the $200-EMA.
- BTC moves along with an ascending trend line since February 24.
Bitcoin price continues to move north
On the daily chart, the Bitcoin price has traded in an ascending trend channel since February 24. Investors flipped the crucial $43,000 mark. After testing the record lows in January at $32,933.33, the price surged 40% to the swing highs of $45,855.0. To continue the upside momentum BTC must cross above two resistance hurdles.
The price remains pressured below the 200-EMA (Exponential Moving Average) at $45,552.80 also happens to be a ‘double top’ formation. It is a litmus test for bulls to close above the mentioned level.
An acceptance above $45,550 will open the gates for further higher levels. The first immediate upside target is placed at $48,000. A resurgence in the buying pressure will push the price toward $52,000.
On the contrary, if the price fall below the session’s low then it will be moved back into the consolidation phase. On moving down, the first downside target could be found at $39,000. Next, market participants will explore the January lows of $32,933.33.
As of press time, BTC/USD trades at $43,075.33, up 0.38% for the day. The world’s largest and most famous cryptocurrency by market cap holds the 24-hour trading volume at $28,394,683 as per the CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index is oscillating near the average line with a bullish bias. The current reading is at 58.
MACD: The Moving Average Convergence Divergence is moving above the midline with increased upside momentum.
Trading Volume: The volume supports the recent price action. The On Balance Volume (OBV) indicator is approaching the overbought zone.
