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April 02, 2023
In the midst of a 5 day bullish trend, Today's session might suggest a slow down — Bitcoin trades at $28,444, after ending today at $28,466.
Investors are seeking long positions as Bitcoin price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. The upper Bollinger Band® for Bitcoin stands at $26,332, indicating possible gains could follow. On the other hand, note that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Bitcoin's case, the index has risen above 70, signalling that the asset is overbought.
Despite muted price action in Bitcoin, chart analysis indicates it is positioned for a bullish run in the short term.
While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token soars 9.54% to trade around $1.36. Having closed the previous session at $0.082, Dogecoin is up 3.19% today to currently trade at around $0.085.
