Bitcoin price is stable above $5000 area, and the Bulls may sustain higher. BTC is now quite corrective and volatile while residing below $5500 area. Let’s check Bitcoin Technical Analysis for more levels and insights.
March 19, 2020 | AtoZ Markets – Bitcoin is currently trading at $5400 area and trying to recover higher. The price found support at $5000 area and bounced higher. Bitcoin current price action is very volatile and corrective, a strong breakout from this congestion is required for a definite trend pressure.
In this time of the Coronavirus epidemic, Bitcoin faces the biggest challenge and the opportunity to prove its self as a safe-haven market again. The world economy is knocking at the door of Recession as the Coronavirus fear increasing daily. The global stock market is under pressure as investors are in fear of losing money.
Bitcoin Price Stabilizes Above $5000 and May Strike Higher Soon
Bitcoin is currently residing above $5000 and trying to climb higher with certain congestion around $5500 area. BTC has been pushing higher for the last few days after the price bounced from $4000 area.
Image: Bitcoin 1 Hour Chart
According to the 1-hour chart, BTC is now residing near $5400 area and consolidating. The price became corrective as the Bulls are regaining momentum while Bears lose the grip. The price recently formed an Ascending Triangle pattern while Bitcoin struggles to break above $5500 area. If the Bulls can break above $5500 area impulsively, the Bullish pressure may continue higher towards $6500 area in the process.
Moreover, the dynamic level of 20 EMA is indecisive with the current price action. The Stochastic Oscillator lines are residing above 20 level and climbing upward gradually. It is an indication that Bulls may take over the market if a proper breakout above $5500 is confirmed.
BTC Bounced Higher from Descending Channel Support
According to the Daily chart, Bitcoin is currently trading at $5400 area after the Bearish pin bar close on the last trading day. BTC bounced from descending channel support and managed to hold the price above $5000 area. Rejecting the channel support is a good indication of the presence of Bulls around the area. If Bulls can sustain the momentum higher, a break above $6500, which will also include confluence with the break of Channel Resistance, may lead to further upward pressure.
Image: Bitcoin Daily Chart
Moreover, the dynamic level of 20 EMA is residing above the current price as well as $6500 area. As a result, it may pull the price higher as Mean Reversion. Besides, the Stochastic Oscillator lines are moving upward gradually, while forming a Double bottom around level 20 oversold area.
To conclude, Bitcoin traders are quite indecisive at the moment though the price managed to push higher from strong support. Despite the overall Bearish trend, Bulls may take over the market and recover higher, if Bitcoin can break above $5500 with a daily close.