Over the previous day, the price of Bitcoin has revealed stable growth and increased by 4%. Trading volume reached $60 billion per day. Many altcoins also increased following the first cryptocurrency
Will Bitcoin continue to increase or will the chart reject again? Let’s have a look:
As you can see from the chart, the cost bounced off the lower border of the rising channel and has currently increased by 15% from March 26th. As we anticipated, the price settled in the $57,000– $58,000 range. This is an outstanding signal that increases the likelihood of more development.
Now we can say for sure that the $50,000 level has actually ended up being the defining one in the existing chart structure. This is where we saw strong assistance from buyers, as well as the accumulation of positions. Based on this, we can assume that significant gamers entered at this level and now it is pushing the cost up.
On the indicators, the picture is quite positive. MACD showed up and the lower typical crossed the higher typical line. This suggests that in the next couple of days we might see a boost in rate growth.
Stochastic has unloaded quite a lot after falling from $61,500 to $50,000. Both lines broke through the oversold line and greatly turned upward. With practically 100% likelihood, Stochastic will break through the upper border and can gain a grip there for a long time, as has occurred more than once.
RSI had been near the middle line for some time and had been instability. Nevertheless, the price drop at the end of March affected him also. Here we likewise see a fast bounce and an upward reversal. Judging by the RSI, we can say that the chart has a big amplitude for an upward motion.
We are really positive that in the coming days’ Bitcoin will once again reach the $60,000 level and will try to establish a new ATH. This will be the 3rd attempt in March and this time it may be crowned with success. In this case, we believe that the price rise will be really quick and the chart might reach the $72,000– $75,000 range within a week.
The existing phase of the market makes it reasonably safe to buy Bitcoin in anticipation of a new round of growth. Follow our analytical products and remain upgraded on market advancements.