BTC/USD is extending its gains with an aggressive bullish move and is creating the third straight green month. The price has soared more than 173% since October and every single month is printing a new all-time high.
On the medium-term timeframe, the bitcoin is currently trading lower and the technical indicators seem to be in confusion. The MACD oscillator is accelerating, confirming the recent sharp buying interest on price. However, the RSI indicator is slightly dropping in the overbought area, approaching the 70 level.
Going to the 4-hour chart, the price is moving slightly to the upside heading towards the aforementioned all-time high at $17,496, snapping the four losing sessions. The technical indicators are still moving in positive areas. The MACD oscillator plunged below the trigger line with strong momentum, whilst the RSI indicator holds under the 70 level and is pointing to the upside. In addition, the pair successfully surpassed the 50-SMA on the 1-hour chart, indicating a short-term upward tendency.
Moreover, on a long-term basis, regarding the price outlook, the figure suggests that investors will continue to push bitcoin to the upside, which shows that the $20,000 will be the next stop.
by Melina Deltas, XM Investment Research Desk