Bitcoin has been struggling after the price broke below $7000 area last week. Bitcoin bulls hold the price above $6500, can BTC recover further? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
April 15, 2020 | AtoZ Markets – Bitcoin is currently trading around $6900 area while trying to recover the recent decline. The price found support at the rising uptrend line, and bounced higher. BTC/USD current price action is quite volatile and corrective but still have the potential to strike higher.
Bitcoin is currently showing a certain positive sign of recovery while residing above $6500 area. As the U.S. economy is sinking because of Coronavirus pandemic, BTC recently recovered almost 50% of the recent drawdown from $4000 area. Moreover, the author of Rich Dad Poor Dad, Robert Kiyosaki is continuously supporting Bitcoin amid the U.S. Federal Reserve’s money-printing plan to support the U.S. economy.
Bitcoin Bulls Supported by Trend Line on the Intraday Chart
BTC/USD is currently residing near $6900 area and trying to push higher. Bitcoin bulls hold by the very important event-level area, which may act as a strong support in the coming days.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin is currently residing near $6900 area after bouncing from the uptrend line. As per the current price action context, if BTC price breaks above $7000 area, as well as the dynamic level with an impulsive 4-hour candle, the bulls may push the price higher towards $8500 area in the process.
Furthermore, the dynamic level of 20 EMA is residing near the current price, which may act as a strong support if the price breaks above it. Besides, the MACD lines were residing close to the 0.00 level and had a bullish intersection, which is a good sign of further bullish momentum.
Are BTC Bears Still Active in the Market?
According to the Daily chart, BTC is currently residing inside the ranges of $7000 – $6500 area, and trying to push higher. Bitcoin retrace 50% of the recent drawdown, and its time to see that bitcoin will continue the bearish bias or not. As per the current scenario, if the price breaks above $7000 area with an impulsive daily close, the bulls may push the price higher towards $8500 area. Alternatively, if the price breaks below $6500 with an impulsive daily close, the bears may continue the bearish trend towards $5500.
Image: Bitcoin Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing near the price, along with the Tenkan line. The price needs to break above or below the dynamic level to sustain further in the coming days. Besides, the Stochastic Oscillator lines are residing above the oversold level 20, and may have a bullish intersection soon.
To conclude, Bitcoin bulls are currently holding the price above $6500 area, which indicates bulls still have the potential to recover higher. A strong breakout above $7000 will lead the Bulls to regain and continue the Bullish trend in place.