- Bitcoin is gearing for an upward move in the confines of an ascending triangle (typical bullish indicator).
- BTC/USD to stay above $5,200 while the upside will be limited at $5,350.
Bitcoin refused to give in to the tag of war witnessed between the bears and the bulls on Tuesday 9. BTC/USD is currently exchanging hands in a tight range between $5,287 and $5,160 keeping the price well above the April 4 low and in turn strengthening a higher low.
BTC/USD 1-hour chart
The 1-hour chart displays a trend that is in favor of the bulls. The uptrend having maintained above $5,200 support in the last 24-hours ignoring several moves to the downside. In the short-term, Bitcoin is gearing for an upward move in the confines of an ascending triangle (typical bullish indicator). The bulls have their target set on $5,800; a move likely to take place if BTC clears the hurdle at the upper trendline between $5,320 and $5,350.
BTC/USD 4-hour chart
The 4-hour chart show Bitcoin supported at $5,200 and above the trendline. The price is trading at $5,241 amid a growing sideways trend. The RSI at 60.71 is horizontal and confirms the ranging market. For now, expect BTC/USD stay above $5,200 while the upside will be limited at $5,350.
The daily chart shows the bulls maintained a higher low above April 4’s red candle. This kept intact the bullish market structure above the key 100 SMA and 200 SMA yesterday, which are slowly beginning to converge for a bull cross.
Should those two lines cross bullish, then greater buying pressure would become the trend with a new bull run would be on the verge of a breakout.
Key Technical Indicators
Resistance 1: $5,287
Resistance 2: $5,350
Key target: $5,800
Support 1: $5,200
Support 2: $5,160
Support 3: $5,000
Support congestion area: $4,600 -$4,800
50 SMA 4-hour: $5,075.3554
100 SMA 4-hour: $4,568.69
50 SMA 1-hour: $5,22.03
100 SMA 1-hour: $5,192.9078.
RSI 1-hour: 60.71 and ranging
MACD 1-hour: Horizontal at 0.0000.