Up $100: Bitcoin Price Indicators Grow Increasingly Bullish

Bitcoin looks likely to inch higher toward $6,800 in the near-term, as the technical indicators have grown increasingly bullish in the last 24 hours.

A reading above 50 indicates that bullish forces are acting on the security.

It seems safe to say that the leading cryptocurrency is looking most bullish in two months.

Technical analysts may argue that calling a bullish move on the basis of RSI alone is a risky business, as the indicator occasionally produces fake signals.

As can be seen above, BTC has cleared the stiff 50-day exponential moving average hurdle today, having witnessed a bullish symmetrical triangle breakout over the weekend.

The 5-day and 10-day EMAs are trending north, indicating a bullish setup.

To sum up, both price action and the technical indicators are validating the bullish signals given by the RSI. View The odds are stacked in favor of a rally to $6,800 in the near-term.

A break above 50-day simple moving average of $6,642 on the 3-day chart would mark the beginning of the long-awaited bullish reversal, as discussed yesterday.

A UTC below the ascending 10-day EMA of $6,400 would weaken the bullish pressure.

Bitcoin image via CoinDesk archives; Charts by Trading View.