Bitcoin Price Analysis: Bulls Attempts Recovery Toward 50-day EMA At $23,000

Bitcoin (BTC) price failed to capitalize on the previous day’s gains. The price is stuck below the short-term resistance zone plying between $22,000 and $23,000.

• BTC trades with modest losses on Tuesday.
• The price is expected to consolidate in the range of $20,000 and $23,000.
• The downside is well guarded near $18,000 on the daily chart

As of press time, BTC/USD trades at $22,055, down 1.85% for the day.

BTC price looks for upside signal

On the daily chart, after a short-term consolidation that extends from BTC gave a bullish breakout. The price retest of the resistance, which earlier acted as a resistance. The trading volume supported the breakout. An above-average volume upon the breakout candlestick indicates a bullish sign.

Now, the question is how long the price could leap from the current level. As the bulls manage the previous session’s low, BTC can scale up to $23,300. This also coincides with the 50-day Exponential Moving Average (EMA).

If the price moves decisively above the mentioned moving average, the next target would be the high of 13-June at $26,951.

On an hourly chart, BTC is trading in a rising channel, making higher highs and higher lows. BTC price is currently trading at the channel’s lower trend line, which constitutes a double bottom structure. This is a classic upward trend formation.

The RSI (14) is trading and sustaining above the 50 level which indicates the continuation of the upside momentum.

On the other hand, a shift in the bullish sentiment could result in selling pressure from the higher levels. A daily candlestick below $21,590 would invalidate the bullish hypothesis.

Conclusion

BTC looks mildly bullish on multiple time frames. The price could shoot up to 6% from the current levels. A long position could be initiated if the price closes above the session’s high of $22,958.