Bitcoin Bulls are still optimistic as the price remains above $5000 area. BTC bounced from $3800 and recovered higher with a daily close above $5000 area. Let’s check Bitcoin Technical Analysis for more levels and insights.
March 17, 2020 | AtoZ Markets – Bitcoin is currently residing near $5400 area and continue to recover higher. The price has rejected $3800 area last week and bounced higher. The Bullish momentum may sustain further in the coming days.
Bitcoin rose to 12.5% on today and currently trading at $5400 area. It was the most significant gain of one-day trading since March 2013. The upward move pushed BTC market cap up to $96.5B or 0.0% of the total crypto market cap. Bitcoin market’s cap was highest at $241.2B before.
Bitcoin Bulls Still Optimistic to Strike Higher
BTC is now trading at $5300 area and trying to continue the Bullish pressure. After bounced from the key support level of $3800 area, the Bulls hold the Bullish momentum quite well.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, the price of Bitcoin is currently residing near $5300 area. BTC Bulls are quite strong with their momentum today. As long as, the Bulls holds momentum above $5000 area, Bitcoin Bulls are still optimistic about recovering higher towards $6500 in the coming days.
Moreover, the MACD lines had a Bullish cross over and residing below 0.00 level. The MACD histogram volumes are squeezing upward and residing above the 0.00 level. The dynamic level of 20 EMA is residing above the current price, along with the Kijun line. Gold may break above the dynamic levels and recover higher in the coming days. The price broke above the Tenkan line and may now support the price to push higher.
Read More – What are Dynamic Levels in Forex Trading?
Bitcoin Bears may Lose Momentum
According to the Daily chart, the price of Bitcoin is currently trading at $5250 area and residing inside the daily indecision bar. Bitcoin was very impulsive and non-volatile with the recent Bearish trend. The Bears are presently losing momentum after the price bounced from $3800 key support level. If the Bulls can reach higher towards $6500 in the coming days, the Bearish trend may continue further with the target of $3800 area again.
Image: Bitcoin Daily Chart
Moreover, the dynamic level of 20 EMA is residing above the current price and also above our expected resistance area $6500. It may pull the price higher as Mean Reversion. The Kijun and Tenkan lines are also residing above the current price and may work as a confluence of 20 EMA. Bitcoin Bulls are still optimistic about recovering higher in the coming days.
To conclude, Bitcoin may now recover higher as long as Bulls are sustaining above $5000 area. If the Bulls successfully take the price higher towards $6500, the Bearish trend may continue further lower towards $3800 area.