Is Bitcoin Finally In An Uptrend?
We could also ask whether the crypto market is in an uptrend. Because we know that there is a high correlation between crypto-assets. First of all, let's try to decide whether Bitcoin is in an uptrend by looking at the price chart with the naked eye.
The chart clearly shows that Bitcoin was in a downtrend from November 8 to January 22. We see that there are rising bottoms in the time period from January 22 until today. On the other hand, unfortunately, the peaks are not rising yet. Therefore, it would be useful to take a look at other trend-related indicators.
On the daily chart, the RSI has entered an uptrend similar to the price since January 22 and is still above 50. RS values above 50 indicate an uptrend.
On the MACD chart, which is another momentum indicator, Bitcoin price has been in the positive zone since yesterday. The blue line above zero indicates an uptrend.
The 20, 50, 100, and 200-day exponential moving averages (EMAs) present a complex picture. The fact that the price has broken above the 20 and 50-day EMAs indicates that we are in an uptrend at least for some time. However, to talk about a bull market, the 200-day EMA, which is still at the 45 k level, must be exceeded.
Conclusion
Bitcoin price is drawing a stronger picture after forming a new ascending bottom on March 14. In the last 5 days, we have witnessed a 10% increase starting from 38k. Although the uptrend is not accompanied by high volume, I observe that the price movements are more unhurried. The uptrend will be confirmed if the Bitcoin price crosses the resistance zone between 45-46k, which it has tried 3 times in the last two months. When 46k is exceeded, the price will also exceed the 200-day EMA.
Although the MACD and RSI are pointing out an uptrend on the 4-hour and daily charts, this situation has not yet been reflected on the weekly charts. Still, I am optimistic that the uptrend will be permanent. Of course, I am not an investment advisor. It would be appropriate to make your investments in line with your own research.
Thank you for reading.