Technical analysis by Katie Stockton, founder and managing partner of Fairlead Strategies, shows that a bullish signal for Bitcoin has emerged, supporting a continuation of Bitcoin price gains towards the widely tracked 200-day simple moving average (SMA).
The daily chart shows Bitcoin rising from $38,500 to $42,200 over the past three days, defending support from the Ichimoku Cloud.
“Bitcoin found significant support near $40,000, following a three-day rally that generated an oversold ‘buy’ signal from the daily stochastic, underpinning short-term bullishness,” Stockton said in an email. Trend. The daily MACD indicator was also squeezed, reflecting improving short-term momentum, supporting an upside move towards the next resistance (defined by the 200-day moving average) near $48,100.”