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BTC to USD: Bitcoin Price Analysis, Going Bullish Again?

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Technical Indicators:

Support Level: $5250

Resistance Level: $5400

Key Points:

  • Bitcoin price was able to gain bullish force and move over the $5200 resistance level.
  • BTC was even able to break above $5300 resistance level to move into a positive zone.
  • Bitcoin price was able to break over the bearish pattern which was being formed with resistance around $5150 on the hourly chart.
  • BTC is currently testing the resistance between $5380 and $5400 in order to move ahead.

 

Bitcoin Price Analysis:

Summary: Bitcoin price was able to turn bullish after breaking through $5200 and $5300 resistance levels. BTC is back in a positive zone and is moving ahead to test $5400 resistance in order to rise further.

Bitcoin price fell down sharply in the last few days below the $5150 resistance level. However, it was able to gain momentum yesterday and although it was tough, BTC was able to break above $5150 and $5200 resistance levels in order to move into a positive zone. The bearish pattern which was formed yesterday with resistance around $5150 was also broken as BTC moved above $5200.

Buyers were able to push the price above $5300 level and a weekly high was formed around $5340. BTC is currently correcting downwards, however, it remains well supported above $5300. If Bitcoin price falls below the support between $5300 and $5280, it might test $5200 and $5150 levels again. However, a close above $5400 might result in sharp surge over to $5500 level. The current support lies at $5200 and the major support lies at $5150 and 100 hourly SMA.

 

BTCUSD Price Chart- 1 MayBTCUSD Price Chart- 1 May
BTC/USD Price Chart- 1 May

The chart shows that bitcoin price is trading with a bullish momentum after breaking and settling well above $5200 and the 100 hourly SMA. BTC could correct downwards in the short term, however, it remains well support at $5250 and $5200 levels. Bitcoin price will most likely test the $5400 resistance level soon.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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