Bitcoin’s latest upsurge has welcomed the probabilities of a trend-shifting rally as the world’s leading crypto nears a 2-month resistance territory. Meanwhile, an upswing beyond the 4-month trend-line support has bolstered buying momentum in the short term.
While the 20EMA and 50EMA offer the nearest support, buyers might target a closing above the hurdle at $24.6K in the upcoming sessions.
Meanwhile, a bullish cross on the 20-50 Exponential Moving Average might support BTC’s uptrends before reversals. While publishing this post, Bitcoin traded at $24,155, gaining 4.82% within the past 24 hours.
Bitcoin Daily Timeframe
Bitcoin’s breach of its rectangle bottom corresponded with its Dec 2020 lows and stopped inside the $18.9K – $19.2K territory. Meanwhile, a bearish pennant emphasized the then-selling strength.
Nevertheless, the leading crypto has formed an upward channel revival within the last 40 days. An approximately 32% return on investment (ROI) during this timeframe has seen Bitcoin jumping past its 20-50 Exponential Moving Average on its daily chart.
While writing these lines, Bitcoin enjoyed a buying volume surge as buyers maintained beyond the $23.8K obstacle. Moreover, the 20EMA and 50EMA seemed ready for a bullish cross. This cross might ensure sustained growth in Bitcoin.
A closing beyond the token’s resistance at $24.6K might open the gates towards the $25.9K obstacle around the upward channel’s topside trend-line.
Also, the latest buying volumes have outshined the short-term selling momentum. Reversals from the topside trend-line might continue experiencing patterned moves unless BTC bulls dwindle.
Reasoning
The RSI (Relative Strength Index) swaying beyond its equilibrium supported bullish tendencies. A closing beyond 61.5 remains crucial to amplify the probability of sustained recoveries in the near term.
Surprisingly, the on-balance volume restated a bullish divergence with Bitcoin price after printing lower troughs within the past few weeks. The DMI lines also flashed a buying preference. Nevertheless, the ADX indicated weak directional trends for the leading cryptocurrency.
Final Thought
Considering the confluence of the 20-50 Exponential Moving Average support and the upward channel’s lower trend line, Bitcoin might witness an upward move.
Targets would stay as discussed. Nevertheless, investors should evaluate macroeconomic factors impacting broad cues for profitable bets.