• Bulls remain strong despite bearish correction.
  • BTC/USD is trading above $6,100 for the first time since 14th November 2018.

BTC/USD went up from $5,945 to $6,165 this Thursday. The bulls had a promising start as they pushed the price from $5,945 to $6,059 during an eight-hour period. During the next eight-hour period, the bears stepped into the market to correct the price. During this period, the price went down from $6,059 to $5,998.75. The bulls, however, regained control and managed to chart new highs. They were able to push the price from $5,998.75 to $6,165.

BTC/USD 4-Hour Chart

  • The market is trending above the 200-day simple moving average (SMA 200), SMA 50, and SMA 20 curves.
  • The relative strength index (RSI) curve has currently crept into the overbought zone.
  • The Eliiot wave oscillator has had eight consecutive bullish sessions.
  • The signal line was about to converge with the MACD line before it diverged away, indicating more bullish momentum.
     

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