Bitcoin had a strong bearish previous week closing, wherein it tested the support near $6,500. However, this week seems to have turned the tables upside down as BTC is currently trading around $7,200. However, the coin is still sailing in the strong bearish zone emphasizing the selling pressure that the currency holds. On the other hand, BTC price trading above $7,000 has helped it gain some active supports from the short-term moving averages.
Is Bitcoin Gearing Up for a Moderate Bull Trend?
Analyzing the 2-day movement of BTC/USD on Coinbase, we see the declining trend of the coin from trading at $7,344.00 to dipping at $6,535.75 by 11%. The last day of the previous week was quite despairing until the price of Bitcoin took an unexpected turn on the first trading day of the ongoing week. It was just yesterday when the price of BTC soared at $7,380.98 from the marked bottom after the midday and currently trades at $7,204.76.
A persistent trade above $7,350, followed by $7,500 price is a requisite for the coin to come out of the intense selling pressure that is currently surrounded by. Also, the crossover above $7,000 has given the current price grounded support of the 10-day moving average.
Technical Indicators:
Having received support from the 10-day moving average, a determinant trade above $7,350 can help it gain the support of 50-day as well as the 200-day moving average.
The MACD of Bitcoin is running inclined to zero with Signal line and MACD line moving adjacent to each other.
The RSI of the coin is at 54.48, showing no extremities at present.
