Bitcoin has been performing really well for the past month and the bulls still have a lot of momentum. The Bitcoin Price USD is currently at $8758 as the bulls are looking at the resistance of $8,81.
Bitcoin Price USD Daily Outlook: Bullish
The Bitcoin price USD is climbing fast after a 3.2% surge yesterday and a current 1.6% surge right now. The daily chart is in a clear uptrend and the bulls have been able to hold the 26-period EMA as support.
They are now looking at the resistance of $9,198 (the recent high). If the bulls can break this high, they will face basically no resistance until $10,370.
Bitcoin Price USD Forecast: Can The Bears Reverse the Trend?
Currently, most time frames are in favor of the bulls and the bears would need to prove they still have strength. Bitcoin short positions continue to be extremely low on Bitfinex but long positions have also suffered as they have decreased by around 40% since December 2019.
The nearest support on the daily chart is located at $8,238. The bears would need to break below that level and then set a lower high in order to change the daily uptrend.
On the 4-hour chart, the bears have also lost a lot of strength as they did set a downtrend but lost it recently.
The weekly chart is, however, in a downtrend but dangerously close to confirming an uptrend as both the 12 and 26-period EMAs are looking for a bull cross within the next few weeks.
Bitcoin Price USD Forecast: Long Term Outlook
The Bitcoin Price USD is looking really positive in the long term. The monthly chart is highly favoring the bulls as they are currently trying to set a higher low and continue with the current uptrend.
Bitcoin is trading above both EMAs in the monthly chart and the RSI (Relative Strength Index) is only at 56 points. Trading volume on Binance shows that bulls have more strength than the bears.
There has been a significant increase in trading volume from February 2019 until June 2019, a period when Bitcoin’s price surged by more than 300%.
From July 2019 to December 2019, trading volume has been decreasing, indicating that bears do not have the same strength and momentum.
Additionally, the upcoming Bitcoin halving could also help the digital asset as it is facing no strong resistance in the monthly chart.
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