BTC bulls proceed to push the bitcoin value greater, with the market-leading cryptocurrency up 2.56 p.c on Saturday — as of this writing. 

Bitcoin’s Hourly EMA Ribbon Offering Assist

On the one-hour chart for Bitcoin, the exponential transferring common (EMA) ribbon has, to date, offered vital assist for the value of BTC.

bitcoin hourly ema ribbon

Bitcoin chart offered by TradingView.

The bitcoin value solely dropped beneath the EMA ribbon as soon as, on April four for just a few hours, since commencing on its uber-bullish breakout rally. Since then, the ribbon has held robust as assist for Bitcoin (BTC). This robust assist has undoubtedly assisted within the value leaping up in current hours.

Bitcoin’s Weekly EMA Ribbon Beneath Siege

Bitcoin’s current value surge has, to date, topped out nearly precisely on the higher band of the weekly EMA ribbon. Nonetheless, value continues to knock on the door, with the bulls working arduous to get a weekly shut above $5400. Such a weekly shut can be exceptionally bullish however nonetheless stays a tall order.

bitcoin weekly ema ribbon

Weekly Stochastic RSI Refuses to Come Down

One probably alarming issue for the sustainability of this spectacular bitcoin rally is the truth that the weekly Stochastic Relative Power Index (Stochastic RSI) refuses to return down from its extraordinarily overbought ranges. As a substitute, it’s merely transferring sideways whereas remaining maxed out.

bitcoin weekly stochastic rsi

What goes up most actually should come down, however the Stochastic RSI is much from the be-all-end-all of technical indicators. The bitcoin value may effectively preserve surging in direction of what is going to undoubtedly show to be a staunch resistance at $6,000 earlier than the weekly Stochastic RSI comes again right down to Earth.

The place Does Bitcoin Value Go From Right here?

No one has a crystal ball, but it surely stands to cause that bitcoin may very effectively proceed to rally as FOMO (worry of lacking out) continues to construct. Nonetheless, there stays little or no likelihood that the value of BTC will have the ability to maintain ranges above $5,500 for very lengthy with out a corrective transfer.

The $6,000 mark will nearly actually present extraordinarily robust resistance. Ought to value attain this level, a profit-taking occasion or corrective transfer is possible. Such a transfer may probably develop into a big shakeout earlier than actually confirming a bull run — however such hypothesis on the long run actions of Bitcoin are purely educated guesswork at this stage.

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