According to CoinMarketCap, the price of Bitcoin (BTC), the most popular cryptocurrency, has gone up by 1.71 percent in the last 24 hours. At press time, this has caused the price of BTC to rise to around $16,466.16. Also, the price of Bitcoin has gone up 4.7% in the last week.
Even though the price of Bitcoin has gone up in the last 24 hours and in the last week, some people think there could be a bearish retest.
Altcoin Sherpa (@AltcoinSherpa) on Twitter talked about how he thinks BTC’s price is moving right now. He is also a trader who predicted that BTC would go down again. But he also said that this bearish theory will be proven wrong if BTC can get back to $16.2k, which it did.
BTC/USD daily chart (CoinMarketCap is the source)
The daily 9 EMA line is now holding down the price of bitcoin. Because of this, this technical indicator is now a barrier for BTC.
On BTC’s daily chart, there is a small bullish flag. This is because the daily RSI bounced off the daily RSI SMA line and is now above the daily RSI SMA line. The daily RSI line is also going up, which is a good sign that traders may want to keep an eye on.
BTC/USD chart for 4 hours (CoinMarketCap is the source)
The 4-hour chart for BTC is a bit more bullish than the daily chart for BTC because the price of BTC has broken above the 4-hour 9 and 20 EMA lines. In the last 12 hours, the 4-hour RSI line has moved past the 4-hour RSI SMA. If the current 4-hour candle closes above the 9 and 20 EMA lines, it shows that the bullish trend will continue.