The price of the crypto market leader, Bitcoin (BTC), spiked to a high of $24,253.28 over the last 24 hours according to CoinMarketCap. At press time, BTC’s price has retraced slightly from its daily high and currently stands at $23,869.37.
The 4-hour chart for BTC shows how the price entered into a mini rally for 12 hours. This rally saw BTC’s price rise from a low of $22,760.23 to the previously-mentioned daily high of $24,253.28, breaking BTC’s psychological $24k level briefly.
Technical indicators on BTC’s 4-hour chart suggest that BTC’s price has entered into a mini bull cycle. The first bullish technical flag on the 4-hour chart is the 9 EMA line crossing above the 20 EMA line. This cross between the two EMA lines is not a very convincing one. Therefore, investors and traders may want to wait for a confirmation before entering into a long position.
The second bullish technical flag is the 4-hour RSI line being positioned above the RSI SMA line. The slope of the RSI line is transitioning to neutral, which suggests that BTC’s price has reached a peak and may drop in the next 24-48 hours. A confirmation of this bearish thesis will be when BTC’s price breaks below the center level of the current consolidation channel.
On the other hand, BC’s price may look to rise to the next resistance level at $25,290 if it successfully breaks above, and maintains a position above the $24k resistance level.