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FxWirePro: Bitcoin minor trend succumbs to sideways after tussle between back-to-back hanging man and bullish engulfing
Bitcoin price has been spiking higher from the last couple of weeks, rose from the lows of $3,405.30 levels to the recent highs of $8,390.95 after surpassing $5,890 levels (at Bitfinex).
Technically, after BTCUSD has bottomed out at $3,122 levels, and bullish engulfing pattern has occurred at $3,943 levels on weekly and at $8,200 levels on daily plotting, consequently, bulls have taken-off rallies above EMAs.
On the contrary, hanging man patterns have occurred at $8,005 and $7,955 levels to hamper the buying momentum, bulls, at this juncture, have halted the rallies momentarily, while bears are attempting to nudge below DMAs.
The pair is currently, trading sideways at $7,917 levels which is almost more than 78% so far (i.e. 28% in April month and 50% in April month series).
To substantiate this bullish sentiment, all technical indicators are in line with the price upswings on weekly terms and overbought pressures on the daily chart.
Both RSI and Stochastic curves show upward convergence to the prevailing rallies that indicate the intensified buying momentum (refer daily chart).
While lagging indicators (MACD on daily and monthly terms) show bullish crossovers, that also signals uptrend to prolong further in the weeks to come.
The current volume spikes more than 9 percent more compared to December 2018 (refer to above chart).
The Bitcoin transactions have increased by almost 60% this year, while the price is now up approximately 97%. And it is quite sensible to understand the demand/supply equation, an increase in Bitcoin usage likely to constitute an increase in price. Most importantly, we could also observe the mounting interest in the retail segment.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 42 levels (which is bullish), USD is at 55 (bullish) while articulating (at 09:52 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex