Bitcoin[BTC] Analysis: Bitcoin Eyes Bull Run As Traders Target Resistance At 100 Days EMA

Published April 24, 2020 | Updated April 24, 2020

Bitcoin

Bitcoin[BTC] Analysis: Bitcoin Eyes Bull Run As Traders Target Resistance At 100 Days EMA

  • Bitcoin saw a further 2% price increase today as the cryptocurrency trades at $7,480.
  • Bitcoin will start a bullish run higher if it can break above the current resistance at the 100-days EMA.

Bitcoin surged by a small 2% today as the cryptocurrency meets resistance at the 100-days EMA at around $7,550. The cryptocurrency exploded yesterday which allowed the coin to break above resistance at $7,200 and $7,400 as it reached as high as $7,700.

It went on to close beneath the 100-days EMA which is now providing strong resistance for the market. For Bitcoin to start a bullish push higher, we would need to see the resistance at the 100-days EMA being broken.

We can expect this to break pretty soon when we consider that the Bitcoin block halving is just around the corner and a break above the 100-days EMA should spark a bullish run higher toward $8,000.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see Bitcoin breaking the strong levels of resistance yesterday at $7,200 and $7,400. It spiked higher to reach $7,700 but eventually went on to close beneath the resistance at the 100-days EMA where it currently trades.

  • Short term prediction: BULLISH

Bitcoin is now considered as bullish in the short term, especially after breaking the $7,400 resistance. However, we need to tackle the 100-days EMA if we would like to continue.

Above the 100-days EMA, resistance lies at $7,680, $7,877 (1.272 Fib Extension), and $8,073 (bearish .786 Fib Retracement). Above this, added resistance is located at $8,200, $8,430 (1.618 Fib Extension), and $8,600 (bearish .886 Fib Retracement).

On the other hand, if the sellers push lower, we can expect support at $7,400, $7,200, and $7,000. This is followed by added support at $6,840.

  • Key Levels

Support: $7,400, $7,200, $7,000, $6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.

Resistance: $7,550, $7,676, $7,877, $8,000, $8,073, $8,250, $8,431, $8,609, $8,979, $9,000, $9,100.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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Yaz Sheikh 182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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