Posted In: Forex Trading Posted On: 2019/05/12 23:03 PM Posted By: ituglobal
Bitcoin (BTC) Price Analysis – May 11
Bitcoin’s momentum has been fast trending higher since the April 2 price increase which confirmed a bullish dominance for the market. As of the time of writing, BTC is trading around $6700 after surging to $7k earlier today. We can expect a further high level to be touched in future trading. If otherwise, BTC may retrace to the previous support.
Resistance levels: $7400, $7800
Support levels: $6400, $6000
In our last analysis, we have predicted the next possible highs ($6400 – $6800) for Bitcoin and as of today, BTC price has touched $7000 area following the current positive move in the market. The scenario occurs as a result of a bullish breakout which pushed the bulls to a new level of $7000 after breaking yesterday $6400 level.
Now, the price action is now floated above the rising wedge as $7400 – $7800 resistance lies ahead for the buyers. Meanwhile, there’s a need for the market to retest the break level of $6400 and perhaps $6000 before resuming the green momentum.
The daily RSI is overstretched as the price is solidly supported by the 75 and 50 levels. Currently, the BTC market is positive on the daily MACD
Bitcoin is slowly retracing on the 4-hours chart, trying to retest the previous support area before the bullish continuation. After following the new yellow line on May 29 at $5150 level, BTC market has gained approximately 30% in just twelve days of trading. Howe Today, Bitcoin hit $7000 level as it could further visit $7200 – $7400 area sooner or later. The bullish scenario can be pictured on the 4-hours MACD. In the case of a bearish move, the RSI should be facing down after breaking its yellow ascending line which has been serving as a support for the market.
The close-by support level for the sellers is $6500 – $6400 area. Potentially, the $6250 and $6000 may further be visited.
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