Bitcoin gained by 4% as the month of April starts. After a massive fall from $10500 area, the price was able to retrace 50% and currently residing around $6600. Bitcoin is climbing higher but can it break above $7000 area? What the charts and technical indicators are saying? Read more to find further insights into today’s Bitcoin Technical Analysis.
April 2, 2020 | AtoZ Markets – Bitcoin is currently trading around $6600 area and tying to climb further. BTC managed to break above $6500 area with an intraday impulsive close. According to the current price action, the price quite impulsive and non-volatile may sustain further in the days ahead. Will the Bulls going to have a daily close above $7000 area?
Bitcoin Climbs higher but Can Bulls Hold?
The price of BTC bounced from $5700 area and managed to sustain higher. Bitcoin fell back inside the range of the previous week, which is around $6500 – $7000 price area.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, the price is currently residing around $6600 area after Bitcoin managed to climb above $6500. BTC is currently quite non-volatile and impulsive after having a Bullish impulsive four-hour close. Moreover, the Kumo cloud worked as strong support for the price to break above $6500 area. So, if the price push higher and close above $7000 area, Bitcoin may climb higher further towards $8000 in the days ahead. Alternatively, a break below $6500 area may lead the price towards $5700 again.
Furthermore, the price recently broke above the dynamic level of 20 EMA, along with the Kijun line and Tenkan line. So, the dynamic levels may now work as strong support to push the price higher. Additionally, the Kumo Cloud worked as a strong support, which may hold the price higher in the coming days.
Moreover, the MACD lines are residing near 0.00 level and confound with the histogram volumes. In this case, a Bullish cross over is required to add some confluence to the overall bullish pressure.
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Can BTC Break Above the Fibo 50 Level?
According to the Daily chart, the price successfully takes over the last week’s Bearish gap and climb higher. BTC is currently trading around $6600 area and trying to recover further. Though the overall trend is still Bearish, BTC already retraced 50 percent of the Fibo level. Now it is time to see, can BTC take over Fibo 50 level and push higher or rejects and decline.
Image: Bitcoin Daily Chart
As per current price action, BTC shows the potential to recover higher towards $8000 area. So, if the price breaks above $7000 area with a daily close, the Bulls may sustain further towards $8000. Alternatively, a daily close below $6500 area may indicate further Bearish pressure towards $5700 again.
Moreover, the dynamic level of 20 EMA is residing above the current price. So, if the price can break above it with a daily close, the Bulls may continue further. In contrast, a rejection from the dynamic level may lead the price further downward.
Additionally, the RSI indicator line is rising upward, which may sustain further. Besides, the MACD lines are residing below 0.00 level and had a Bullish intersection indicating further up move in the making.
To conclude, Bitcoin has been quite impulsive with the recent Bullish momentum. So, a break above $7000 area may lead the price higher. On the contrary, as the price remains below $7000, Bears may keep the price under pressure.