Bitcoin Technical Analysis: BTC/USD Indicators Suggest $5,800 is The Next Target

Bitcoin TEchnical Analysis
Source: FXStreet

Bitcoin Technical Analysis: BTC/USD Indicators Suggest $5,800 is The Next Target

  • 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

Bitcoin Technical Analysis
Bitcoin Technical Analysis Chart Source: FXStreet

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

Bitcoin Technical Analysis
Bitcoin Technical Analysis Chart Source: FXStreet

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.

Also Read: Ethereum [ETH] Price Analysis: This Triangle Breakout Sends ETH/USD Above $180

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.

Summary
Bitcoin Technical Analysis: BTC/USD Indicators Suggest $5,800 is The Next Target
Article Name
Bitcoin Technical Analysis: BTC/USD Indicators Suggest $5,800 is The Next Target
Description
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.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Post your comment...
John Isige 302 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @