Bitcoin price is trading up 3% so far this week at $5458, despite being down from the yearly highs of $5627 achieved on Tuesday. As we march towards the weekend, let’s take a closer look at what’s going on in the markets.
The 4-hour bitcoin price chart shows that BTC/USD 00 has established a range high for the week, month and year, which remains in close proximity to current price action.
Despite a selloff yesterday following a double top, bitcoin is currently showing signs of strength with a bullish hammer formed on the 4-hour chart, on top of the previous resistance of $5400; around middle of the trading range for the week.
Additionally, the MACD is printing higher lows on the histogram indicating that a bulish cross with the signal line is in the works as well as the MACD itself remaining positive.
Stoch RSI 4-Hour Bullish
In addition, BTC has a bullish cross on the 4-hour stoch RSI, which has led to higher prices and at least a retest of the top of the trading range, all of the way through April.
It stands to…