Bitcoin has been quite corrective and volatile over the week, but bulls are still on the market. Bitcoin broke above $9000 area on the intraday chart, can BTC continue to recover higher? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
May 6, 2020 | AtoZ Markets – Bitcoin is currently residing near $9080 area and trying to climb higher. Moreover, the price has held by the dynamic level of 20 EMA on the intraday chart and managed to break above $9000. As per the current scenario, BTC bulls may sustain the bullish trend but need an impulsive daily close above $9000 in the coming days.
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Bitcoin Broke Above the Crucial Level May Sustain the Bullish Trend
Bitcoin is currently residing near $9080 area after breaking above $9000. The price has consolidated over the week but sustains above $8500 area, which is a significant event level.
Image: Bitcoin 1 Hour Chart
According to the 1-hour chart, Bitcoin has become very volatile but trying to climb higher. Moreover, the dynamic levels have carried the price quite well, which helped Bitcoin to break above $9000. As per the current price action, if the price can have an impulsive bullish 4-hour candle close above $9150 area, the bulls may recover higher towards $9500 in the coming days.
Moreover, the dynamic level of 20 EMA is currently residing below the price, along with the Kijun line and Tenkan line. The dynamic level may act as strong support to push the price higher. Besides, the Stochastic Oscillator lines are residing near the overbought level 80, and gradually rising upward. It indicates bulls are trying to continue the momentum further.
Can BTC Reach $10,000 Area in the Days Ahead?
According to the Daily chart, BTC is currently residing near $9080 area and still trying to maintain the bullish bias. Furthermore, after an extended period of correction, Bitcoin able broke above $9000 event-level, but need a daily close above it to sustain further. As per the current price action, if the price can have a daily impulsive bullish close above $9000 area, the bulls may continue the bullish trend towards $10,000 in the coming days.
Image: Bitcoin Daily Chart
Apart from this, the dynamic level of 20 EMA is currently residing far below from the price, which may pull the price down as Mean Reversion, after the price reaches $10,000 in the process. Besides, the MACD lines are residing above the 0.00 level, which indicates bulls are quite strong to continue further.
To conclude, Bitcoin has performed great amid the Coronavirus pandemic and world economic crisis. BTC bulls are still optimistic may sustain the bullish pressure further in the days ahead.