In this Bitcoin price analysis, BTCUSD price will resume its upward move to retest the overhead resistance level if the bulls break above EMAs.
BTCUSD Chart
Bitcoin (BTC) price was in the bullish trend zone yesterday, as it was fluctuating between the level of $9,000 overhead resistance and the $7,600 support level. The price of Bitcoin is in a range bound movement above the $7,600 level. Since on May 15, Bitcoin price had traded within the confined range. From the Fibonacci tool, the BTC price is in the 0.382 (38.2%) Fib. retracement level.The 0.382 (38.2%) Fib. retracement level is a continuation zone for a Fibonacci tool.
On the upside, if the bulls are able to break above Exponential Moving Averages (EMAs) Bitcoin price will commence its upward trend to retest the overhead resistance level. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are above the zero line which suggestsa buy signal.
BTCUSD Chart
Looking at the 1-hour chart, BTCUSD price is in a bullish trend. The bulls are yet to break the $9,000 overhead resistance level. BTCUSD price now trades between the levels of $7,600 and $ 9,000. On May 27 and 30, BTC bulls made several attempts on the $9,000 overhead resistance but they met resistance.
On June 2, the price of BTCUSD was resisted but the price was on a downward correction to the support of the $7,600 price level. BTCUSD price is trading above the $7,600 but it is facing initial resistance at the $8,000 price level. In the meantime, the MACD line and the signal line are below the zero line which is an indication of a sell signal.
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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