Bitcoin (BTC) Slumps to $9,130 Low, Resume Upside Correction
Azeez Mustapha
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Bullish
Yesterday, BTC has been consolidating above the recent low of $9,130. Today, it has risen above $9,500.Since on May 15, the upside correction has been stable because the bulls sustained hold above $9,000 support. Bitcoin bulls have made several retests at $10,000 resistance. It is believed that the resistance is getting weaker due to several retests. This is an advantage to the bulls as they attempt to breach the $10,000 resistance.
Daily Chart Indicators Reading:
On the upside, BTC has risen to level 60 of the daily Relative Strength Index. The implication is that it is in the uptrend zone and may likely rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. BTC is likely to rise as price is above SMAs.
BTC/USD Medium-term Trend: Bullish
On the 4– hour chart, the bulls have resumed upward move. Since yesterday, the market has been characterized by small body candlesticks describing the indecision between buyers and sellers about the direction of the market. The bulls have the upper hand as they continue to buy the dips.
4-hour Chart Indicators Reading
The price bars are above the 21-day SMA and 50-day SMA indicating an upward move. BTC is above 20% range of the daily stochastic. This implies that BTC is in a bullish momentum.
General Outlook for Bitcoin (BTC)
The bulls are unrelenting as price holds above $9,000 support. The upside corrections will continue as long as price is above $9,000 support. Perhaps a rebound or breakout may occur during consolidation. Bitcoin is trading above $9,500 at the time of writing.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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