The leading cryptocurrency Bitcoin (BTC) is rising on an important technical chart following its strong move above $4,000, according to Coindesk analyst Omkar Godbole.. According to the crypto analyst, technical data shows that Bitcoin bulls are back again and Bitcoin bulls are preparing for a new rally.
Coindesk analyst: Bitcoin price reversed the trend!
According to Omkar Godbole, The leading cryptocurrency by market cap entered a bullish trend for the first time on December 17 with the formation of a “reversal” candle on the widely followed 3-day chart. However, according to Coindesk analyst, an early indicator of a trend change that appears suddenly on a bearish chart, we could call bulls and see new highs in Bitcoin. It broke above the $4,000 level as well, confirming its rise on the 3-day chart.. Therefore, according to Coindesk analyst, Bitcoin may surpass the next major resistance level of $4.4K in the near term.. At the time of writing, the cryptocurrency is trading at $4,000, largely unchanged on the 24-hour timeframe.
According to the analyst, the RSI supports the uptrend and Bitcoin bulls are ready
Confirmation of the change in the uptrend can be seen on the 3-day chart, where the last candle broke above $3.59k according to Omkar Godbole. This positive trend change is confirmed by Bitcoin trading above the 10-candle exponential moving average (EMA) yesterday.. In addition, the Relative Strength Index (RSI) has bounced to the lower zones, confirming a bullish divergence created on Dec. 15.
On the daily chart, Bitcoin formed a “gravestone doji” candle on Wednesday. This indicated a broad bearish trend, according to the analyst. The round of recovery from the 15-month low of $3.1k would have caused Bitcoin to close below $3.6k yesterday (Wednesday’s low), according to the analyst.
Omkar Godbole’ According to Bitcoin, it is unlikely to drop from now on
However, the cryptocurrency reversed the downtrend and closed above $3.9k.. Other technical studies also seem biased towards bulls, according to Omkar Godbole. For example, according to Coindesk analyst, the 5 and 10-day EMAs are pointing north and the 14-day Relative Strength Index is above 50.. According to the Coindesk analyst, the current outlook for Bitcoin is as follows:
- Bull turn confirmed on the three-day chart.
- Bitcoin continues its ongoing rally to $4.4k in the next few days.
- Although a downtrend is unlikely in the near term, a daily increase below $3.63k will cancel the uptrend.
Bitcoin (BTC), the leading cryptocurrency at the time of writing, is trading around $4,000. The leading cryptocurrency currently has a market cap of $71.2 billion. Bitcoin’s 24-hour trading volume is around $8.2 billion.