Bitcoin (BTC) is on track to form two successive Doji candlestick patterns on the weekly charts but a positive sign is that the price is sustaining above the 20-week exponential moving average ($28,072). This suggests that the bulls have not lost their grip.

Popular pseudonymous trader TechDev used the three-week timeframe to show that Bitcoin’s compression above the 20-period moving average was approaching values seen only four times since Bitcoin’s creation. Interestingly, on all three previous occasions, the expansions happened to the upside, suggesting that history favors the bulls.

However, in the near term, the lack of volatility has pulled Bitcoin futures trading volumes to their lowest levels since December 2022. Cointelegraph contributor Marcel Pechman believes this shows that traders may have shifted to other markets or may be avoiding making moves at the current levels.

While several altcoins are looking to Bitcoin for direction, some have outperformed in the near term. Let’s study the charts of the top-five cryptocurrencies that are looking positive over the next few days.

Bitcoin price analysis

Bitcoin has been trading near the 20-day EMA ($29,447) for the past two days, signaling indecision between the bulls and the bears.

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Author: Rakesh Upadhyay

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