Bitcoin price has lifted off the week’s primary support at $31,000, allowing more buyers to come from the sidelines supporting the upswing eyeing $40,000. The move saw Bitcoin gain 13% in 24 hours while collectively bolstering the entire cryptocurrency market uphill.
Polkadot is among the most improved crypto assets, with its 15% double-digit gains. Kusama is up 25.5% to trade at $516, while Monero gained 14% to trade at $277 in the same period.
Can Bitcoin bulls sustain the uptrend to $40,000?
The Moving Average Convergence Divergence (MACD) indicator recently flipped bullish, affirming the recovery from $31,000 to $37,000. As the MACD line stroke above the signal line, a call to buy was heeded. Note that a break into the positive region (above the zero line) may encourage more investors to join the market, thereby adding credence to the bullish narrative.
BTC/USD four-hour chart
The SuperTrend indicator has also flipped bullish with a buy signal, hinting at an impressive turnaround following the appreciably deep beginning of the week. This call to sell occurred as the indicator moved below the price and changed from red to green.
It is worth mentioning that the SuperTrend follows the trend of an asset while accounting for the volatility in the market. The buy signal implies that the general direction would be upward; hence investors should consider taking long positions.
On the flips side, the Relative Strength Index (RSI) shows that the bullish momentum from the support has fizzled out. This follows a possible correction before the RSI hits the overbought area. On the downside, a retreat toward the midline will indicate that bears are getting stronger. Support at the 100 SMA and the 50 SMA must be defended to avert another to $33,000 and $31,000, respectively.
Bitcoin intraday levels
Spot rate: $37,198
Support: $36,000 and $33,000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.