Bitcoin (BTC) price extends the gains for the third straight session. The momentum picked up during the beginning of the week and remained intact as the price tag one-month-old resistance.
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- BTC price prints fresh gains on Wednesday amid sustained buying pressure.
- The bullish breakout keeps the upside target intact near $26,000.
- However, a daily candlestick below $22,000 would invalidate the bullish theory.
As of press time, BTC/USD reads at $23,675, up1.69% for the day. The 24-hour trading volume surged 9% at 49,808,152,504 according to CoinMarketCap.
BTC scales higher
On the daily time frame, the BTC looks promising after the recent consolidation breakout. BTC is continuously forming a ‘Drop-base-Drop Structure’ in the medium term resulting in the downside momentum. But now, that structure has been changed. BTC formed a Base-drop-Rally that resulted in the recent breakout of a range after consolidating in the $18,000-$20,000 price zone.
The BTC price is comfortably placed above the 20-day and 50-day EMA. A daily close above $24,000 would next see $26,000 on the horizon.
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The MACD trades above the midline with a bullish crossover. The reading suggests the market still can move up.
On the 4-hour chart, BTC is continuously making Higher highs & higher lows. Further, the bullish crossover in 200-day EMA & 20-day EMA is a bullish sign. Earlier, on 8th April 2022, 20-day EMA breaks the 200-day EMA on the lower side, and ever since BTC is falling sharply, but the trend has now changed from bearish to bullish.
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On the flip side, a shift in the bearish sentiment would disown any bullish argument. We could see $22,000 on the downside.
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