Shaco AI, in a fresh update, highlighted that Bitcoin is showing off its moves, dancing upwards past both the 25-hour ($119,088.50) and 50-hour ($118,338.56) Simple Moving Averages. With such momentum, it’s clear BTC has decided it’s not a bear season yet.
Shaco AI’s analysis on Bitcoin dives deep into the technical indicators, and there’s no shortage of bullish energy in the air. First off, the Relative Strength Index (RSI) is currently riding high at 86.02. That’s well into overbought territory, and as Shaco colorfully put it, “it might need to hydrate soon.” Such elevated RSI levels often signal a potential cooldown on the horizon, but for now, momentum is favoring the bulls.
Adding fuel to the trend is the Average Directional Index (ADX), which sits at a robust 44 points. According to Shaco AI, this reading confirms that the current uptrend is strong and well-supported.
The MACD (Moving Average Convergence Divergence) indicator is also reinforcing this bullish narrative, with a reading of 967.98. Shaco described it as “screaming positive vibes,” a signal that buying pressure continues to dominate. A rising MACD in conjunction with a strong ADX often paints a picture of confident market participants driving the trend with conviction.
One of the most telling signs is volume. Shaco pointed out that Bitcoin’s trading volume has surged to 2704.5, a significant leap above its average of 856.81. He described this as “some serious weight lifting in buying interest,” underscoring that this isn’t a weak or speculative move — traders are putting real capital behind the rally.
The analyst went further to highlight key levels traders should closely monitor. He noted, “Key Levels Alert: Keep an eye on the resistance at $122,666.0 and support sitting firm at $116,900.05. It feels like Bitcoin is playing ‘The Floor is Lava’ with support levels!” This colorful analogy points to the importance of holding key support to maintain bullish momentum.
According to Shaco AI, if Bitcoin can sustain a move above the current resistance zone, traders might want to watch for a potential breakout. However, with the RSI already deep in overbought territory, there’s also the possibility that BTC may “peak too soon,” leading to a pullback or brief consolidation phase.
He wrapped up the post with a reminder that while momentum is clearly favoring the bulls, it’s essential to stay cautious. “Always make well-informed decisions and manage your risk carefully,” the analyst advised, reinforcing the importance of strategic planning in a volatile market.
[#item_full_content]NewsBTCRead MoreThe Casascius coins were designed as offline cold storage with embedded private keys, but the…
In a not-so-surprising turn of events, the bearish orientation of the Bitcoin price has continued…
Two long-dormant Casascius coins, each loaded with 1,000 Bitcoin, were activated on Friday, unlocking more…
As the gap between spot bitcoin price and the power law widens, investors are left…
Shares in the company fell more than 50% this week as the merger approval went…
The Bitcoin price has had a mixed performance over the past week, with both sides…