Bitcoin has cemented a higher low and retained its bullish market structure on the daily chart after a hotly contested close on April 9.
An exaggerated bullish divergence has formed on the hourly chart, providing additional weight to the likelihood of an imminent bullish breakout.
The hourly chart is also looking more favorable on the new daily trading period (April 10), with bullish momentum having maintained a hold above $5,200 support over the last 24-hours despite multiple dips in its price.
As can be seen, an exaggerated bullish divergence has also taken shape on the RSI, recorded from April 8–April 9, meaning a continuation in price is being supported additionally by the indicator on the hourly chart. That kept intact the bullish market structure above the key 100-period and 200-period moving averages yesterday, which are slowly beginning to converge for a bull cross.
The RSI shows a divergence from price, printing lower lows while price continues to print higher lows, signaling greater bullish conditions ahead for the world’s top crypto by market value.