BTC/USD: Bullish Engulfing Pattern Above $26,981Bitcoin continues its bullish momentum from last week, and after touching a low of $26,981 on April 24, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of $28500 and $302000.
We can clearly see a bullish engulfing pattern above the $26,981 handle on the H1 timeframe.
Bitcoin continues to move in a consolidation phase, after which we can see upside moves towards the $28,000 handle.
Both the STOCH and Williams’ percent range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.
We can also see the formation of bullish Harami pattern in the 1, 2 and 4 hourly timeframes.
The relative strength index is at 58.23, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the markets.
Bitcoin is now moving above its 200-hour exponential moving average and above its 200-hour exponential moving average.
Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of $28,500 and $30,000.
The average true range indicates high market volatility with mild bullish momentum.
- Bitcoin bullish continuation is seen above $26,981.
- The RSI remains above 50, indicating a bullish market.
- The price is now trading below its pivot level of $28,516.
- The short-term range is mildly bullish.
- Some major technical indicators signal that the price may move to $28,000 and $29,500 soon.
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