BTC to USD, 7th May: Bitcoin Price Analysis, Off to $6800 soon?

Technical Indicators:

Support Levels: $5600, $5450

Resistance Levels: $6000, $6100, $6500 and $6800

 

Key Points:

  • Bitcoin price gained more than 4% in the last 24 hours and broke through $5850 resistance level.
  • BTC is currently moving upwards and might face some resistance around $6000 initially.
  • The next major resistance lies around $6100 above which BTC might surge towards $6800.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price is currently trading in a bullish momentum against USD. BTC might soon test the major resistance around $6100 after which there are chances of a quick surge to $6800 level.

 

Bitcoin price has been gaining bullish strength from the last few weeks after rising above $4000 and spiking above $4500 and $4700 resistance levels very quickly. BTC was able to close well above the $4200 level and the 100 hourly SMA which opened the doors for further gains.

 

Later, the buyers were able to push the price above $5200 and $5500 resistance levels to move into a bullish zone. Moreover, the overall medium and short term movements are predicting a bullish momentum in the coming days and bitcoin price might surge higher above $5900 to test $6100 and $6800 resistance levels soon. Currently, a minor resistance also lies around $6000.

 

The next resistances above $6000 lie at around $6100, $6500 and $6800. There are high chances that BTC might crash downwards very quickly after testing these levels as the resistance is quite strong. On the downside, initial support lies around $5600 below which BTC might test $5450 and $5250 levels.

 

BTCUSD Price Chart- 7 May
BTC/USD Price Chart- 7 May

The chart shows that bitcoin price is currently gaining strength above $5600 support level. The buyers will most likely push the bitcoin price above $6000 and $6100 resistance levels. If BTC is able to close above the $6100 resistance levels, it will open the doors for further gains up to $6800 after which the price might start a sharp downward correction.

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