Are the bullish expectations for the price of Bitcoin still intact?
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Answer Are the bullish expectations for the price of Bitcoin still intact?
Bitcoin appears to have started another bullish cycle after a long battle in June and July to break the $40K barrier.
After selling from the $65,000 level in May, Bitcoin explored rapidly lower levels around $30,000 three times before starting a retracement and a steady rally.
The confirmed break above $42,500 last week allowed the bulls to take full control of the trend and dominate the price action over the weekend.
At that time, Bitcoin gained traction and managed to break through the $45,000 level but later fell back to $43,000.
The bullish price movement continued on Monday.
Bitcoin climbed only slightly above the $46,000 level, delaying the move to $50,000.
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The leading cryptocurrency is currently trading at the 45,400 level amid a fierce battle between the bulls and the bears.
Are the bullish expectations for Bitcoin still intact?
The MACD indicator indicates that the trend is up.
This comes after an ongoing bullish signal since July 22nd.
With the 12-day moving average above the 26-day moving average, the potential for a breakout has increased.
With the MACD indicator moving higher above the middle line, the Bitcoin bullish trend is bound to gain momentum for gains above $55,000.
Meanwhile, Bitcoin is trading above all relevant moving averages on the daily chart, including the 50 SMA, the 100 SMA, and the 200 SMA.
As long as the $45,000 support, highlighted by the 200-day SMA, buyers will continue to focus on rallies above $50,000.
Note that trading above this level could easily boost the bitcoin price to $55,000.
On the other hand, the Relative Strength Index (RSI) levels are at 70.
A breakout of the overbought zone may allow the bulls to push the price higher.
However, overbought conditions can quickly turn bearish as the Bitcoin correction begins.
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As the RSI dips to the neutral zone, the sellers’ grip on the price will tighten.
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