Bitcoin [BTC/USD] Price Analysis: Cryptocurrency enjoys short term gains as market sees green

The cryptocurrency market closed the week painted green. The bull’s visit to the market caused almost all the major cryptocurrencies like Bitcoin [BTC], Litecoin [LTC] and Bitcoin Cash [BCH] to climb the charts. Bitcoin, the largest cryptocurrency in the market was helped by the price rise and was holding strong above the $4,000-mark.

1-hour:

Bitcoin’s one-hour graph showed a recent downtrend that resulted in the price dropping from $4,033.92 to $3,998.03. The support was at $3,891.82, while the short-term resistance was at $4,039.78.

The Bollinger Bands converged a bit, which was a sign of price movement stagnating and a lack of significant price outbreaks.

The Parabolic SAR was below the price candles, which stated that the cryptocurrency’s price was pumping and that Bitcoin was in a bullish scenario.

The Chaikin Money Flow indicator was above the zero-line because the capital coming into the market was more than the capital leaving the market.

1-day:

The one-day chart of Bitcoin painted a similar picture as the downtrend caused the price to fall from $6,274.87 to $4,071.39. The long-term support was at $3,127.02.

The Relative Strength Index was close to the overbought zone, which meant that the buying pressure was significantly more than the selling pressure.

The MACD indicator did not show a positive sign for Bitcoin in the long term as the signal line and the MACD line moved together after a bearish crossover. There was also a lack of movement in the MACD histogram as well.

The Awesome Oscillator was in a lull compared to previous instances due to a reduced market momentum.

Conclusion:

The above-mentioned indicators stated that in the short-term, Bitcoin would enjoy sporadic bullish rise, but in the long run, the cryptocurrency still would have to go a long way to reach its previous price valuation.