Bitcoin price fell below $6500 area during the Asian session today. After a massive fall from $10500 area, BTC Bulls failed to regain the momentum. Will Bitcoin Sustain Bullish Trend Above $6500 area? What the charts and technical indicators are saying? Read more to find further insights into today’s Bitcoin Technical Analysis.
March 30, 2020 | AtoZ Markets – Bitcoin started the day with a Bearish Opening Gap, which is currently being recovered after the price found support at $5700 area. Bitcoin already recovered more than 50% of the gap. As the Coronavirus became pandemic for the world’s economy, BTC failed to sustain its safe-haven reputation. According to the current price action, the Bulls are quite impulsive and non-volatile, which may sustain further like this. Will the Bulls going to have a Daily close above $6500?
Will Bitcoin Sustain the Intraday Bullish Trend in Place?
BTC is currently trading at $6280 area while recovering higher. Bitcoin declined today with a Bearish gap due to the uncertainty in the global economy.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, the price is currently residing near $6280 area and facing resistance at the Kijun and Tenkan line. After a Bearish gap, BTC did recover higher, which indicates that the Bulls are active to protect their positions in the market. Moreover, Last week the price tried several times to break above the $7000 area but failed. As per the current scenario, BTC may push higher towards $6500 area. So, if the price push higher and close above $6500 area, Bitcoin may sustain further Bullish Pressure towards $7000 area in the process.
Furthermore, the dynamic level of 20 EMA is residing above the current price, along with the Kijun line and Tenkan line. The dynamic level is holding the price as resistance, while BTC is trying to recover higher. So, for a further up move, the price needs to break above the dynamic level and close above $6500 area.
Will BTC Make It This Time?
According to the Daily chart, the price is currently residing near $6280 area after Bitcoin found support at $5700. BTC has been quite volatile and corrective over the last week but managed to break below $6500 area. As per current price action context, if Bitcoin breaks above $6500 area with a daily close, the Bulls may sustain higher towards $8000. Alternatively, if the price rejects $6500 and have a daily close below it, the Bears may take over the market and decline towards $5700 again.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is residing above the current price, along with the Kijun line. The dynamic levels may work as a strong resistance and push the price lower. In contrast, a break above the dynamic level with a daily close may lead the Bulls to be more active in the coming days.
To conclude, Bitcoin did manage to recover from the Bearish Opening Gap but still uncertain until a break above $6500 with a daily close is observed. Despite the recent Bullish pressure, the long-term bias is still Bearish below $7000 area.