Bitcoin is in a bullish trend since last weekend at has tried to leave the range of the 30s. Bitcoin is now trading at $39,914 with a 24-hour trading volume of $40,337,774,594 USD. Bitcoin is up 6.16% in the last 24 hours.
Last day we predicted in the two scenarios that bitcoin price will break above $40,000 resistance anyway and it. We’re now in scenario 1 as the price is moving slowly with low volatility, which is good for bulls and it is fortunately backed by green volume spikes. The H1 timeframe is forming an ascending triangle with inconsistent higher lows knocking at the upper resistance level which is likely to break anytime soon. One can buy anywhere down the green line, acting as support to trend, and sell at resistance or wait for a proper breakout and it’s quite rational to expect the $42,000 figure.
Furthermore, the 1D timeframe chart shows that the 100 Moving Average is acting as resistance (Upper Blue Arrow) and Bitcoin green candles have failed to cross it thrice even with volume spikes.
The lower Green arrow shows that RSI (Relative Strength Index) is above 70 which can be considered overbought and can cause a reversal.