Bitcoin aces the intraday trading session today as it successfully leaps out of the price accumulation around $9.2k, and we are not away from a complete bullish enclosure before the halving if it hits $9.5 resistance anytime soon. The price of BTC is seen skyrocketing after hitting above $9.2k just a few hours back from the press time. The bullish candlestick formation has breached the upper 20-day Bollinger Band after almost a flat movement throughout the day since the beginning.
Moreover, Bitcoin price hit above $9k for the second time in the past 24 hours, and while it has surpassed $9.2k, we believe that this is not a recap of the previous week’s trend.
#Bitcoin continues to show strength. This is our brief digestion we are breaking out of that I mention in the previous tweet. If we can get through the resistance at $9,400, we should revisit $10,000. US Equity Strength & CNY Weakness are positive influences. https://t.co/aAUiKvZtv2 pic.twitter.com/jIlfbLVwCb
— Matt D'Souza, CPA (@mjdsouza2) May 6, 2020
With Bitcoin clearing $9.5k resistance, we ought to hit a higher oscillation thereafter as the countdown for halving has already begun.
Bitcoin Price Analysis
On the intraday chart, Bitcoin has reversed the trend seen at the beginning of the day as it rebounds from $9k and $9.2k price area while currently trades around $9.3k. BTC/USD retains steady support from 50-day and 20-day moving averages as it gains intraday traction after a dull trading day. The 20-day Bollinger Bands are seen widening, which is surely welcoming volatility in the upcoming days as the price trend of BTC hits the upper BB. Moreover, the current traction has elevated the game of altcoins as well, and the market is trading in green. Looking at the BTC predictions as well as the current trend, Bitcoin might face volatility in the near future.
The MACD of Bitcoin is drawing a bullish crossover as the price knocks above $9.2k this time and appears to be an intraday gainer. The RSI of the coin is already in the overbought zone at 75.20, as the trading volume leaps with the current change in the dynamics.