It seems that the price of Bitcoin is on a steady rise again with the price of Bitcoin worth (as of writing) $4434.63 on coinmarketcap. I recently made my biggest purchase of Bitcoin which was to the amount of $2600 which for me is a large amount i have since made a purchase of BitConnect and done a loan which is due to mature in May 2018 check out my Minds blog to find out more.
Anyway, i want to do an analysis on the BTC/USD pair, as you can see below from the daily chart Bitcoin has been making higher highs and higher lows since the pullback over the past few week, we do have strength returning to the USD but that has not hindered the price too much the RSI is in a good place not being overbought and trending upwards meaning there is still a good chance for further increase in the price of Bitcoin.
Below is the weekly chart and the RSI is grazing the line between being overbought or not we do however see a strong upward momentum and it looks like another test on the psychological barrier of $5000 is imminent, with news of another fork this could see the price go up further with people hoarding Bitcoin in the hopes of obtaining the forked version at no extra cost.
