BTC bulls continue to push the bitcoin price higher, with the market-leading cryptocurrency up 2.56 percent on Saturday — as of this writing.
Bitcoin’s Hourly EMA Ribbon Providing Support
On the one-hour chart for Bitcoin, the exponential moving average (EMA) ribbon has, thus far, provided significant support for the price of BTC.
The bitcoin price only dropped below the EMA ribbon once, on April 4 for a few hours, since commencing on its uber-bullish breakout rally. Since then, the ribbon has held strong as support for Bitcoin (BTC). This strong support has undoubtedly assisted in the price jumping up in recent hours.
Bitcoin’s Weekly EMA Ribbon Under Siege
Bitcoin’s recent price surge has, thus far, topped out almost exactly at the upper band of the weekly EMA ribbon. However, price continues to knock on the door, with the bulls working hard to get a weekly close above $5400. Such a weekly close would be exceptionally bullish but nonetheless remains a tall order.
Weekly Stochastic RSI Refuses to Come Down