Bitcoin Facing Resistance Around $60,000 Event Area – What Next?


Bitcoin has become volatile and still residing inside the ranges of $60,000 to $53,000 price area. Bitcoin is facing resistance around $60,000 event area. What is next? Bulls to break over the psychological event area in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.

May 10, 2021, | AtoZ Markets – Bitcoin price climb today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $59,000 price area and trying to push lower. After bouncing from $53,000 to $54,000 support level, the bulls have regained momentum and strike higher, but failed to continue the bullish pressure above $59,000 to $60,000 event area. As per the current price action context, the price may find support at the dynamic level of 20 EMA on the daily chart in the coming days.

Bitcoin Facing Resistance as the Event Level Working Strongly

Bitcoin is currently residing near $59,000 area and trying to push downside. However, the Bollinger Bands’ middle band may work as a confluence of the dynamic level on the intraday chart.

Bitcoin Facing Resistance

Image: Bitcoin 4 Hour Chart

According to the 4-hour chart, Bitcoin is facing resistance and currently trading around $59,000 area. As per the current price action, if the price can have an impulsive bearish candle close below $60,000 to $59,000 area, the bears may regain momentum and push the price down towards $54,000 to $53,000 area in the coming days. On the contrary, if the price can break over $59,000 to $60,000 event area with an impulsive bullish candle, the bulls may sustain the bullish bias further towards $64,000 to $65,000 key area in the days ahead.

In addition, the dynamic level of 20 EMA is currently raising below the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as a strong support to push the price upside. Besides, the Bollinger Bands‘ middle band may work as a confluence of the dynamic level in the process. However, the bears may regain momentum if the price can break below the dynamic level in the coming days.

BTC Bulls Are Still Optimistic

According to the daily chart, Bitcoin is facing resistance, but the bulls are still active on the market. As per the current scenario, if the price can break over $59,000 to $60,000 resistance area with an impulsive daily bullish candle, the bulls may sustain the bullish pressure towards $64,000 to $65,000 key area as a first target. The second target will be $69,000 to $70,000 area if the price can break over $64,000 to $65,000 key area in the process.

Bitcoin Facing Resistance

Image: Bitcoin Daily Chart

On the other hand, if the price rejects $60,000 to $59,000 resistance area with an impulsive bearish candle, the bears may push the price down towards $54,000 to $53,000 area as a first target. The second target will be $48,000 to $47,000 area if the price can break below $54,000 to $53,000 area in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may carry the price as strong support. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. However, the Kumo Cloud is still holding the price as strong support, which indicates that the bulls may sustain the bullish pressure further in the days ahead.

To conclude, as long as the price residing over the Kumo Cloud, the bias will remain bullish. An impulsive daily close will help to identify the definite momentum in the coming days. 

Share Your Opinion, Write a Comment