In this Bitcoin price analysis, BTCUSD rallied more than 4% and cleared $6,300 and remained in strong uptrend and it seems like the bulls are now aiming a test of $6,400 or even $6,500.
On May 9, Bitcoin (BTC) price was in a bullish trend zone. The bulls were unable to break the resistance level of $6,300 after four attempts. BTC price dropped to the support of the 12-day or the 26-day Exponential Moving Averages (EMAs) each time the bulls tested to break the resistance level.
Today, the price of Bitcoin has rallied above $6,100 and cleared the $6,300 price levels and is currently aiming a test of $6,400 or even $6,500 levels.
However, if the bulls are able to break these levels, a price breakout is imminent that will see BTC price rally above the $7,000 price level. On the other hand, a price breakdown will make the price of Bitcoin to decline to a low at $5,900 if the bears fail to beak the said levels
In the meantime, the Moving Average Convergence Divergence (MACD) trend line and the signal line are above the zero line which is an indication of a buy signal. Also, BTC price is above the 12-day and the 26-day EMAs suggests that Bitcoin price is in the bullish trend zone.
Looking at the 1-hour chart, BTCUSD price is in a bullish trend zone. BTC price was testing the $6,320 resistance zone and the bulls met resistance each time they tested the $6,300 resistance zone, BTCUSD would fall to the support or below the 12-day and the 26-day EMAs.
The lower time frame shows that BTC price is ranging between the $6,160 and $6,320 levels. The MACD trend line, as well as the signal line, are well above the zero line, indicating a buy signal. moreover, the price is above the 12-day and the 26-day EMAs, suggesting that Bitcoin price is in the bullish trend zone.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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