BTC Technical Analysis: Bitcoin Grows Within Channel Teasing A Jump

BTC price action shows a bullish growth within a rising channel pattern teasing a price jump to the overhead resistance at $25,335. Key technical points: 

  • The Bitcoin(BTC) price sustains above the support trendline and prepares for a bull cycle.
  • The bullish reversal rally within the channel will reach the next bearish milestone at $25,335.
  • With a market cap of $449 Billion, the intraday trading volume of Bitcoin has increased by 8% to reach $16.84 Billion.

Past Performance of BTC

As mentioned in our previous article, the BTC prices fell the last week within the rising channel due to increased supply pressure at $24,450. The retrenchment accounts for a 5% drop to the $22,500 mark, close to the support trendline of the rising channel. Currently, the price action displays a diagonal trend dragging across the support trendline, struggling to gain bullish momentum. TradingView Chart Source- Tradingview

BTC Technical Analysis

Currently, the BTC prices Display a 5% growth over the last few days, rising with the ascending trendline support. Moreover, the daily candle displays a 2% growth, teasing a start of a potential bull cycle. As the market prices sustain above the 50-day SMA, the supporting SMA takes a positive turnaround reflecting an improvement in the underlying bullishness. The RSI slope shows a gradual growth in the underlying bullishness as it sustains in the nearly overbought zone. However, the MACD indicator shows a sideways trend in the fast and slow lines as they remain merged above the zero line. Hence the technical indicators maintain a slightly bullish signal supporting the price action analysis. In a nutshell, the BTC Technical Analysis suggests a high likelihood of a bull cycle reaching the overhead resistance of $25,335.

Upcoming Trend

If the BTC price trend gains momentum, the uptrend will reach the 100-day SMA close to the $25,500 mark. However, a bearish reversal cracking the support trendline will retest the crucial support at the $21,875 mark. Resistance Levels: $24,500 and $25,335 Support Levels: $22,500 and $21,875

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