Too early to say that Bitcoin has entered a bullish trend?
Is it too early to say that Bitcoin has entered a bullish trend? The weekly timeframe suggests that the overall trend might no longer be bearish considering the current price of Bitcoin has broken the upper line of the downward trend line.
A factor that could prevent Bitcoin from moving higher is that it is approaching the 200 EMA period, which could be a strong resistance. Furthermore, there is a supply zone at around $24,300 that could pose a problem for the cryptocurrency's short-term upward trend.
The narrative on the daily chart is almost the same, with the only significant change for a bullish signal being the closure above the 200 EMA period. On the other hand, the RSI indicator is giving an overbought signal. Currently, Bitcoin is in a consolidation phase in the daily timeframe within the range of the Darvas box.
A factor that could prevent Bitcoin from moving higher is that it is approaching the 200 EMA period, which could be a strong resistance. Furthermore, there is a supply zone at around $24,300 that could pose a problem for the cryptocurrency's short-term upward trend.
The narrative on the daily chart is almost the same, with the only significant change for a bullish signal being the closure above the 200 EMA period. On the other hand, the RSI indicator is giving an overbought signal. Currently, Bitcoin is in a consolidation phase in the daily timeframe within the range of the Darvas box.
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Free TradingView Essential with BlackBull Markets: www.blackbull.com/en/platforms/tradingview/?utm_source=tradingview