Bitcoin Price Analysis: BTC Bull Run Will Start After We Break THIS Level
- 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
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.
Bitcoin will start a bullish run higher if it can break above the current resistance at the 100-days EMA.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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.
Published at Fri, 24 Apr 2020 15:02:28 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram