Bitcoin price has started the day moving higher with a 1.75% move briefly entertaining $5300. Let’s dive into the charts to see if the bulls can maintain the momentum to take us higher.
Bitcoin Price Trend Points to $5,900
Looking at the 4-hour chart, we can see that bitcoin price is steadily climbing higher since the memorable move to breach $5k last week.
The range for the week thus far, has been quite tight, with lows of $5130 and highs of $5320. Wednesday has seen BTC/USD maintain the range equilibrium and sustained $5200, all while occurring within an ascending triangle pattern.
The upside target of this triangle, as unbelievable as it would sound only a couple of weeks ago, would be almost $5900.
Looking at the technical indicators, the bullish cross on the stochastic RSI from oversold territory implies that there is room to the upside. As we have seen this in critical recent times, it has preceded the more significant moves higher over the past couple of weeks.
There is, however, bearish divergence on the MACD and the…