Bitcoin pre-halving momentum takes the price above $8000. Can Bitcoin move higher towards the $10,000 erasing Coronavirus crash? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
April 29, 2020 | AtoZ Markets – Bitcoin moved above the $8000 levels with an impulsive bullish pressure in the intraday chart. As the dynamic level carried the price before moving higher, the momentum is likely to sustain longer.
In terms of yearly gains, BTC is beating the dollar and stocks. However, the excitement builds just two weeks before the third Bitcoin block reward halving that may drop inflation to 1.8% and the available to supply new Bitcoins issued every ten minutes.
The event has gained interest beyond cryptocurrency, with mainstream media eyeing that it might be a potential source of a “new Bitcoin millionaires.”
Bitcoin is Moving Higher Erasing Coronavirus Crash
BTC is currently trading above the $8000 area and trying to move higher. Bitcoin’s current price action is very impulsive towards the upside that may lead to a strong bullish intervention.
Image: Bitcoin 1 Hour Chart
According to the 1-hour chart, BTC managed to have an hourly close above the $8000 levels in the intraday chart. So, the price may continue higher in the US trading session ahead of the FOMC. Moreover, the price was moving following the Ichimoku Price Theory and completed the ABCD pattern.
Additionally, the dynamic level of 20 EMA supported the price to move higher, along with the Kijun line. As the price got support from dynamic levels, the bullish momentum may continue the price with a target of $9000. Besides, the MACD is creating new highs above the 0.00 level. Therefore, the price may follow a further upside pressure in the coming trading session.
Can BTC Reach the $9000 Area?
According to the Daily chart, BTC broke above the dynamic level of 20 EMA and aiming higher. As per the current price action, if the price can have a daily close above the $8500 levels, it is likely to reach the $9000 levels in the coming days. However, bears may try to push some pressure from the $8500 area. Therefore, bullish rejection from that area may push the price down towards $7500. As the current price action is very bullish, the price has a higher chance of having a daily close above $8500 area. Therefore, the bulls may take the price higher towards $9000 and even $10,000 in the days ahead.
Image: Bitcoin Daily Chart
Moreover, the dynamic level of 20 EMA is currently below the price. Therefore, it may create some bearish correction as a mean reversion. Besides, the Stochastic Oscillator lines are presently residing near the overbought level 80, which indicates bulls may hold the bullish momentum further.
To conclude, Bitcoin has a strong possibility to continue higher with a target of $9000. Bitcoin Pre-Halving Momentum of bitcoin, along with the COVID-19 pandemic, may increase the demand of Bitcoin as a safe-haven asset.