It is a great time for long-term investors. They heave a sigh of relief after watching that the prices of cryptocurrencies have finally increased. If you closely consider the price chart of the top two cryptocurrencies, Ethereum and Bitcoin, you can find they have formed three weekly green candles, which suggest a strong bullish momentum, at least for the short term.
However, will it survive in the long run? For Bitcoin, if it does not cross the level of 31K, we cannot say it is bullish because it can fall further, which can be considered a bear’s trap.
It is an ideal time to analyze cryptocurrencies and try to accumulate, expecting a short-term bullish rally at least for a few weeks or months. On the other hand, Bitcoin may fall further, so you should not be too bullish on cryptocurrency until it shows a sign of long-term bullishness. Check out our BTC prediction to learn about the future projects of Bitcoin.
BTC has been forming higher highs and higher lows, suggesting short-term bullishness. It is a great relief for the long-term investors! Most technical indicators suggest a strong recovery from the support level. Currently, BTC is trading around $23,334 but may reach a strong resistance level of 30K.
MACD is bullish forming green histograms; RSI is at 57. Candlesticks are trading in the upper range of the Bollinger Bands. The best part is that the Bitcoin price has crossed the 50-day moving average and is trading around the 100-day moving average, which suggests the token is technically bullish for the short term.
After forming a red hammer candle in the second week of July, Bitcoin has formed three weekly green candles. However, the last candle is an indecisive Doji. This week BTC has formed a green candle again, which suggests bullish momentum in the weekly chart.
If you look at the technical indicators, the RSI is 34, and the MACD might form a bullish crossover. All these suggest the bull run will continue at least for two more weeks. We do not suggest you invest for the long term until BTC exceeds $31K. Under this range, you can start investing for quick gain.
