Bitcoin bulls have regained momentum after bouncing from $53,000 to $53,500 area. Bitcoin bounced higher from $53,000 psychological support level. Can BTC recover further higher in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
May 6, 2021, | AtoZ Markets – Bitcoin price rose today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $58,200 price area and trying to climb further upside. Bitcoin has become volatile and corrective after hitting $57,000 to $58,000 event area, but the bulls are still trying to hold the bullish momentum over the dynamic level of 20 EMA. As per the current price action, the price may find support at the Kijun line and the Tenkan line on the intraday chart in the coming days.
Bitcoin Bounced Higher As the Bulls Are Optimistic
BTC is currently residing near $58,200 area and trying to push upward. Moreover, the price also found support at the Kumo Cloud on the intraday chart.
Image: BTC 4 Hour Chart
According to the 4-hour chart, Bitcoin bounced higher and currently trading around $58,200 area. As per the current price action, if the price can have an impulsive bullish candle close above $57,000 to $58,000 resistance area, the bulls may sustain the bullish pressure towards $60,000 to $61,000 area in the coming days. Alternatively, if the price pushed lower and had an impulsive bearish candle close below $58,000 to $57,000 area, the bears may regain momentum push the price down towards $53,500 to $53,000 area in the process.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may hold the price as strong support. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in days ahead.
BTC May Continue Further Upside
According to the daily chart, Bitcoin bounced higher as the investors are optimistic. As per the current scenario, if the price can have an impulsive daily bullish candle close over $57,000 to $58,000 event area, the bulls may continue the bullish pressure towards $60,000 to $61,000 area as a first target. The second target will be $64,000 to $65,000 key area if the price can break above $60,000 to $61,000 area in the coming days.
Image: BTC Daily Chart
In addition, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support to push the price higher. Along with this, the MACD lines are currently residing below the 0.00 level and gradually moving upside. It indicates that the bulls may continue further upward in the days ahead.
To conclude, after bouncing from $53,000 to $53,500 support area, the bulls regained momentum and a daily bullish engulfing bar close. As the overall momentum is still bullish, there is a high chance that BTC may recover further higher in the coming days.