Bitcoin has started this week on a very strong note as it raced higher to $247.53, on course to its highest closing in over a month. In the previous Bitcoin price technical analysis Mixed Technicals, we discussed how a couple of technical indicators were showing divergences from the other two. Well, currently, all of them are displaying much stronger readings.
Bitcoin is trading at $247.53, after hitting a monthly high of $248.50.
Even though Bitcoin is in a strong uptrend, let us review the latest technical indications to look for factors that may hamper the bullish mood.
Bitcoin Chart Structure – Apart from the positive developments stated above, Bitcoin has crossed the 200-day SMA of $245.4945 and is looking to build on this achievement. The cryptocurrency could, however, face trouble from the upper range of the BB which is presently at $249.8248.
Moving Average Convergence Divergence – In a display of strong momentum, MACD has surged to 3.1600, Signal Line has leapt to 2.0810 and Histogram is maintaining at 1.0789.
Momentum – The Momentum indicator has also advanced to 9.7600.