Bitcoin price rose more than 10 per cent and broke above the key resistance $7500. Bitcoin price surged to $7700 area, will sustain towards $8500? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
April 24, 2020 | AtoZ Markets – BTC is currently trading around $7550 area and trying to climb further. Bitcoin broke above the dynamic levels, as well as the Kumo Cloud on the daily chart. As per the current scenario, BTC price action is quite impulsive and non-volatile may sustain further in the coming days.
Bitcoin price recovered from the lowest level $3932 to $7700 against the U.S. Dollar. Moreover, BTC price surges above crucial levels in the past few days and maintain the price above $6000. Besides, the entire crypto market meets an unusual upward move today that was driven by Bitcoin sharp upward movement to highs $7700 during the Asian session. This up move led other major’s altcoins to climb higher, with the overall market strength sustain to grow. Furthermore, Ethereum (ETH/USD) gained 3.96% to $188.19, and Ripple (XRPUSD) up by 4.49% to $0.1956.
Bitcoin Price Surged Higher – Can Fill up the Bearish Gap?
Bitcoin is currently residing near $7550 area and trying to push higher. The price found support at the dynamic level of 20 EMA on the daily chart, and Bitcoin price surge to $7700 area quite aggressively.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, the price is currently residing near $7550 area and consolidating. The price may push down to retest the dynamic level before bulls continue higher. As per the current price action, if BTC pushes down and retest the dynamic level, the bulls may push the price higher towards $8500 in the process.
Moreover, the dynamic level of 20 EMA is currently residing below the price, which may act as a strong support to push the price higher. Besides, the MACD lines are residing above 0.00 level and rising upward gradually. It indicates bulls are still present in the market.
BTC May Stand as a Safe Haven Amid This COVID-19 Pandemic
According to the daily chart, BTC is currently residing near $7550 area after Bitcoin price surge to $7700. The price had an impulsive daily close above $7000, which is a good sign of further continuation. As per the current scenario, if the price can break above the last daily candle peak, the bulls may recover higher towards $9000 in the days ahead.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price, along with the Kijun line and Tenkan line. The dynamic levels may work as a strong support to push the price higher. Besides, the price broke above the Kumo cloud, which is a good indication of further bullish momentum. Moreover, the RSI indicator lines are rising upward gradually, which indicates further upsides pressure can be seen.
To conclude, Bitcoin recently gained a tremendous amount of attention amid this Coronavirus pandemic. Despite the recent volatility, Bitcoin surged above $7000 indicates that bulls are still optimistic and may continue higher towards $8500 in the coming days.