- Bitcoin grinds closer to $5,100 as bulls plan an assault on $5,200.
- In the short-term Bitcoin price has a bullish bias according to the current technical levels.
The bulls are getting in position to ensure that the week’s trading concludes positively. Bitcoin defended the support at $5,000 drawing a line in the sane to ensure that no losses extend beneath it. The price has been hugging tight on the level since the opening of the session and the current breakout that has brushed shoulders with $5,100.
BTC/USD has formed a high at $5,102.84 but retraced the current value at $5,087.30. In the short-term, the price has a bullish bias. In addition to that, there is a short-term inverted head-and-shoulders pattern on the 1-hour chart. The reaction to this pattern marks the beginning of a trend reversal. Besides, technical analysis shows that the bulls are gaining traction.
The relative strength index (RSI) was locked inside the oversold region for the most part of yesterday but is now ranging at 50.00. The moving average convergence divergence (MACD) is also moving upwards and almost crossing into the positive region. Bitcoin must, however, find support above $5,100 in order to successfully execute an assault on $5,200.
BTC/USD 1-hour chart
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