Digital currency revolution series: Bitcoin's 3.5-months bulls versus 8-months bears, BTC/USD breaks 8k mark

Bitcoin has continued its bullish streaks, trading up over 12% at its current price of $7,750, up from daily lows of $6,800 which were hit yesterday.

As observed in the above charts, BTCUSD even hit the $8k mark earlier today, posting a 15% gain. While the entire crypto-avenue is still looking robust, with Bitcoin trading at around $7,950 levels, the trend has been undoubtedly bullish.

Technically, ever since the bulls break-out range resistance with bullish engulfing, the trend takes-off rallies and hits $8k mark (refer daily chart), while all technical indicators substantiate upswings. 

Bullish engulfing patterns were traced out on weekly terms as well that are coupled with bullish EMA & MACD crossovers to signal upside price traction as the current price breaks-out stiff resistance and spikes well above 21-EMAs.

Both RSI and stochastic curves show upward convergence to the prevailing rallies that indicate intensified buying momentum in both timeframes.

While bullish DMA, EMA and MACD crossovers indicate uptrend to prolong further.

In such a Bitcoin’s bullish journey to its recently established year-to-date high has easily wiped off 8-months bearish streaks.

As you could observe the vigorous price spikes first began during mid-December’2018 when Bitcoin surged from the lows of $3,280 region into the $5,000 region in early April, prior to which it traded sideways for a while before forming a parabolic pattern that has led it up towards its prevailing multi-months’ high price levels. Foreseeing further upside risks, it is good to add long hedges with a view of arresting bullish price risks.

Currency Strength Index: FxWirePro's hourly BTC spot index was at 147 (which is highly bullish), while the hourly USD spot index was at -26 (mildly bearish) at 07:07 GMT. 

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex