Bitcoin (BTC) Continues Bullish Trend, Demonstrating Strength Across Multiple Time Frames

On July 29, 2024, bitcoin continues its bullish trend, demonstrating significant strength across multiple time frames.

Bitcoin (BTC) continued to display bullish strength across multiple time frames on Monday, showing no signs of slowing down from last week’s rally. At the time of writing, BTC is trading hands at $69,456, following a 24-hour price range between $67,618 and $69,842. Key technical indicators throughout the day suggest that bitcoin’s bullish momentum is bound to continue.

Bitcoin’s 1-hour chart time frame shows a steady uptrend as prices continue to move above key exponential moving averages (EMAs). The 10-period EMA at $67,134 and the 20-period EMA at $65,462 both indicate buying pressure. These short-term EMAs are registering strong buy signals, which are further supported by high trading volume.

Bitcoin 4-hour chart on Monday, July 29, 2024. The 4-hour chart also shows strength, with BTC trading well above its medium-term moving averages. Both the 50-period EMA at $64,315 and the 100-period EMA at $63,636 are signaling strong buy signals. This alignment of multiple EMAs across different periods of time is continuing to support the sustained bullish trend.

Finally, the daily chart summaries are showing bitcoin’s strength and resilience throughout the month of July. Both the daily simple moving average (SMA) and EMA signals are registering buy signals. The 200-period EMA at $59,378 and the 200-period SMA at $60,884 both show strong long-term support, suggesting that bitcoin’s price is unlikely to fall below these levels without drastic market changes.

Oscillators are presenting a more mixed picture. The relative strength index (RSI) is at 68, showing that BTC is approaching overbought conditions but remaining in neutral territory. The commodity channel index (CCI) is at 109 and the awesome oscillator (AO) also remains neutral. However, the moving average convergence divergence (MACD) level at 1,805 is signaling a buy, adding to the bullish momentum.

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What are your thoughts on bitcoin’s market action on Monday? Share your insights and opinions in the comments section below.

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