Bitcoin price has been quite volatile and indecisive throughout the week. However, can BTCUSD climb above $6500 this time? Gain insight into today’s Bitcoin analysis.
March 27, 2020 | AtoZ Markets – Bitcoin (BTC) fell from its highest pick $10,500 to $3800 area after Coronavirus hit the global economy market. Recently, BTC gained almost 50% of the recent drawdown and sustained above $6500 area. Bitcoin is currently very corrective, while the price maintains above the dynamic level, but what reason do we have to say this? What are the charts and technical indicators saying? Read on as today’s Bitcoin analysis reveals.
Will Bitcoin Price Sustain Above $6500 Area?
BTCUSD price is currently trading near $6600 area while the struggle above $6500 continues. After breaking above $6500 area, Bitcoin failed to maintain the Bullish momentum and became volatile. If the price maintains above $6500 area further, Bitcoin may climb higher in the process.
Image: Bitcoin 4 H our Chart
According to the 4-hour chart, BTC is currently residing inside the price range of $7000 to $6500. After the price bounced from $3800 area, the Bulls took over the market and pushed the price higher. Currently, the price is struggling to regain any definite momentum, but it requires an impulsive breakout above $7000 or below $6500 area.
As per the current price action, if the price breaks below $6500 area, the Bears may take over the market and push the price lower towards $5500 area. Alternatively, if the price breaks above $7000 area, the Bulls may continue the Bullish pressure and push the price higher towards $8000 in the coming days.
Furthermore, the dynamic level of 20 EMA is residing below the current price while holding the price as a support. The Bullish momentum may continue further, if the price bounce from the dynamic level. Otherwise, if the price breaks below the dynamic level as well as the horizontal support at $6500, there is a high chance of Bears may take over the market again.
On the other hand, the MACD lines are residing above the 0.00 level for an extended period and may maintain further. The RSI indicator’s line is residing below the overbought level 70, while the price is struggling to gain any specific momentum.
Are BTCUSD Bulls Still Present in the Market?
According to the Daily chart, BTCUSD price is currently trading at $6600 and facing corrections. After a Bearish impulsive momentum, BTC was able to retrace higher. As per the current scenario, if the price breaks below $6500 area with a daily close, the Bearish trend may continue lower towards $5500. Alternatively, a break above $7000 area with a daily close may push the price higher towards $8000 in the coming days.
Image: Bitcoin Daily Chart
Moreover, the dynamic level of 20 EMA is residing above the current price, along with the Kijun line. The dynamic levels may work as a Bearish confluence to push the price lower. In contrast, if Bitcoin breaks above the dynamic level with a daily close, it may lead the price higher in the days ahead.
Additionally, the Stochastic Oscillator lines are residing near the overbought level 80, while intersecting each other to the downside. As per the current scenario, there is a high chance of Bearish intervention.
To conclude today’s Bitcoin analysis, BTC has been quite volatile while residing above the $6500 area with a daily close. If the BTCUSD price maintains the Bullish pressure further, the coin may break above $7000 and continue higher.