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

2 months ago

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.

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.

Leave a Reply

Your email address will not be published. Required fields are marked*

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

If you agree to these terms, please click here.

This website uses cookies. When you are browsing, you agree with our cookie policy and terms of use.