In this Bitcoin price analysis, BTCUSD has broken through the $7,000 resistance level, with the flagship cryptocurrency gaining about 20% since it moved above the $6,000 level.
Bitcoin Medium-Term Price Analysis
Bitcoin price continues in the bullish trend zone on the first day of the week. On Monday, May 6, BTC price declined to the support of the 26-day Exponential Moving Average (EMA) and then resumed a bullish movement. The next day, the price rose to a high of $6,325, however, the bulls were resisted and the price dropped to the 12-day EMA support level and commenced its upward trend.
The price of Bitcoin moved above the 12-day EMA and reached a high of $7,400 level. However, on May 12, BTC bulls met resistance and the price dropped to the 12-day EMA to commence the bullish trend. BTC price also dropped to the support of the 0.382 (38.2%) Fibonacci retracement level, suggesting that the crypto’s price is likely to continue the uptrend in the zone of the 0.236 (23.6%) and 0.382 (38.2%) Fib. retracement level.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, this indicates a buy signal. Also, the price of BTC is above the 12-day and the 26-day EMAs, indicating that Bitcoin price is in the bullish trend zone.
BTCUSD Short-term Price Analysis
Looking at the 1-hour chart, BTCUSD price is in a bullish trend zone as it was making a series of higher highs and higher lows last week. Yesterday, BTC bulls tested the resistance level of $7,400 but were resisted. As a result, BTCUSD price dropped and broke the 12-day and the 26-day EMAs to a low at $6,901.70 price level.
On May 13, BTC price continues in a bullish trend trading at $7,050.20 as at the time of writing. The MACD line, as well as the signal line, are above the zero line, suggesting a buy signal. The price is now above the 12-day as well as the 26-day EMAs, indicating that Bitcoin price is in the bullish trend zone.
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $6,900, $6,800, $6, 700
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.