ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Bitcoin Trading: BTC Surged to $7000, Heading To $7800 Level?

Share On Facebook
share on Linkedin
Print

Bitcoin (BTC) Price Analysis – May 11

©

 

 

Bitcoin’s momentum has been fast trending higher since the April 2 price increase which confirmed a bullish dominance for the market. As of the time of writing, BTC is trading around $6700 after surging to $7k earlier today. We can expect a further high level to be touched in future trading. If otherwise, BTC may retrace to the previous support.

 

 

BTC/USD Long-term Trend: Bullish (1D chart)

Key Levels:
Resistance levels: $7400, $7800
Support levels: $6400, $6000

 

 

In our last analysis, we have predicted the next possible highs ($6400 – $6800) for Bitcoin and as of today, BTC price has touched $7000 area following the current positive move in the market. The scenario occurs as a result of a bullish breakout which pushed the bulls to a new level of $7000 after breaking yesterday $6400 level.

 

 

Now, the price action is now floated above the rising wedge as $7400 – $7800 resistance lies ahead for the buyers. Meanwhile, there’s a need for the market to retest the break level of $6400 and perhaps $6000 before resuming the green momentum.

 

 

The daily RSI is overstretched as the price is solidly supported by the 75 and 50 levels. Currently, the BTC market is positive on the daily MACD.

 

 

BTC/USD Medium -term Trend: Bullish (4H Chart)
Bitcoin is slowly retracing on the 4-hours chart, trying to retest the previous support area before the bullish continuation. After following the new yellow line on May 29 at $5150 level, BTC market has gained approximately 30% in just twelve days of trading. Howe Today, Bitcoin hit $7000 level as it could further visit $7200 – $7400 area sooner or later. The bullish scenario can be pictured on the 4-hours MACD. In the case of a bearish move, the RSI should be facing down after breaking its yellow ascending line which has been serving as a support for the market.

 

 

The close-by support level for the sellers is $6500 – $6400 area. Potentially, the $6250 and $6000 may further be visited.

 

 

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

 

 

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com