Bitcoin price failed to climb above $6000 area. BTC became quite volatile and indecisive after the price bounced from $4000 key support area. Let’s check Bitcoin Technical Analysis for more levels and insights.
March 18, 2020 | AtoZ Markets – Bitcoin is currently residing near $5180 area and declining further. The price has bounced from $4000 area and remains above $5000 psychological level. The Bulls may recover higher in the process, but the current price action is quite indecisive.
The Coronavirus had a significant impact on the financial market and also in the cryptocurrency market. The Chinese economy suffered the most, as all the big mining companies are located in China. Bitcoin has proved earlier as a safe haven market but failed to sustain its reputations. BTC has lost almost 90 per cent of its recent gains and currently residing just above $5000 area. As the Bitcoin mining is expensive, investors are losing hope to invest more in crypto mining.
Bitcoin Price Failed to Gain Momentum
Bitcoin is currently trading at $5120 area after the price bounced from $5000 support. The price is currently quite volatile and corrective as BTC remains below $6000 area. Bulls may gain momentum in the coming days.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin is currently trading near $5140 and trying to recover higher. BTC is residing inside the range of $6000 to $4000 for the past five days, while Bitcoin Bulls trying to break above $6000. As long as the price remains above $5000 area, there are certain chance that the Bulls may recover higher in the process. In this case, the Bulls needs to break above $6000 area to confirm a stable recovery higher or else, a break below $4000 to continue the Bearish trend in place.
On the other hand, the MACD lines are rising above gradually after a Bullish cross over took place below 0.0 level. The RSI indicator’s line is flat near 30 oversold level indicating indecisive market flow in the process. Besides, the dynamic level of 20 EMA is residing above the current price, along with the Kijun and Tenkan line which may act as strong resistance along the way higher. If the price can break above the dynamic levels and have a close above $6000 area, the Bulls may recover higher or else Bitcoin may lose further value as Bearish trend continues.
Bitcoin Price May Retrace Higher
According to the Daily chart, the price is currently residing above $5000 area while Bitcoin Bulls struggling to recover higher. After bouncing from $4000 area, BTC became very volatile and indecisive but managed to have a daily close above $5000 yesterday.
Image: Bitcoin Daily Chart
Bitcoin price has been impulsive with the recent Bearish pressure which surpassed almost all strong support levels along the way. As BTC price continued lower, it left out the dynamic levels quite far. As a result, there are certain chances for the price to revert back to the Mean 20 EMA, Tenkan and Kijun line price area which resides above $7000.
To conclude, Bitcoin is now struggling with the current bullish momentum. As the price remains above $5000 area, there is a certain chance that the price may recover higher.