Technically, after BTCUSD has bottomed out at $3,122 levels, and pattern has occurred at $3,943 levels on weekly and at $8,200 levels on daily plotting, consequently, bulls have taken-off rallies above EMAs.
On the contrary, patterns have occurred at $8,005 and $7,955 levels to hamper the buying momentum, bulls, at this juncture, have halted the rallies momentarily, while bears are attempting to nudge below DMAs.
The pair is currently, trading sideways at $7,917 levels which is almost more than 78% so far (i.e. 28% in April month and 50% in April month series).
To substantiate this sentiment, all technical indicators are in line with the price upswings on weekly terms and overbought pressures on the .
Both and curves show upward convergence to the prevailing rallies that indicate the intensified buying momentum (refer ).
While lagging indicators ( on daily and monthly terms) show crossovers, that also signals uptrend to prolong further in the weeks to come.
The current spikes more than 9 percent more compared to December 2018 (refer to above chart).
The Bitcoin transactions have increased by almost 60% this year, while the price is now up approximately 97%. And it is quite sensible to understand the demand/supply equation, an increase in Bitcoin usage likely to constitute an increase in price. Most importantly, we could also observe the mounting interest in the retail segment.
Contemplating above technical outlook, it is wise to buy dips for the targets up to $8,186 levels with strict stop loss at $7,790, spot reference: $7,890 levels.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 42 levels (which is ), USD is at 55 ( ) while articulating (at 09:52 GMT ).