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Bitcoin (BTC) Price Analysis – May 9
Surprisingly, Bitcoin erected another price level atop the $6000 which has been the most-anticipated price level for the bull in the past weeks. Meanwhile, we may see the BTC price floating at $6400 soon if the trading volume increases. As of the time of writing, Bitcoin has gained a market dominance of 54%, shrinking other cryptocurrencies.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $6400, $6800
Support levels: $5600, $5200
Earlier Today, Bitcoin opens long and posted a new price above $6000 level. So far, the bulls have held positions and sustaining price above the mentioned price. In a short time, BTC may touch $6400 and possibly $6800 resistance levels in the next few days of trading.
For the past three months, BTC trading has remained within a range following the bullish wedge. However, the price increase has walked up the bulls to the upper wedge. A drop could be supported at $5600 level and possibly $5200.
Checking the daily MACD, Bitcoin is revealed to be in a bullish trend. Also, the daily RSI has repositioned trend in the overbought zone. This signals the positive move in the market.
BTC/USD Medium -term Trend: Bullish (4H Chart)
After the late April decline, Bitcoin has carved a rising channel as the price actions remained within the boundaries of the trend lines. The next key level for the bulls is $6200. And if price drops, we can expect the price at $5800 level, where the channel support lies.
The bullish scenario is revealed on the 4-hours MACD as the market floats above the zero level. Confirming the positive move, the 4-hours RSI has been bullish since the beginning of this month trending above the 50 level.
If the market falls below the $5800 support level, BTC may test the April high of $5600, which is now a support level. For now, the buyers are gaining control of the market. We may see a more positive move in future trading.
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