Bitcoin (BTC) Price Target Strong Gains: Trend Accurately Bullish
- Bitcoin price is following a steady uptrend and recently broke $5,450 against the US Dollar.
- The price surged above $5,580 against the USDT and it is currently near $5,500 vs USD on Kraken.
- Yesterday’s two bullish trend lines are intact with support near $5,410 and $5,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate gains above the $5,500 and $5,550 levels in the coming sessions.
Bitcoin price is climbing steadily against the US Dollar, while surging versus USDT. BTC is likely to remain in an uptrend towards the $5,600 and $5,650 resistance levels.
Bitcoin Price Analysis
After forming a strong support near $5,120, bitcoin price started a solid uptrend against the US Dollar. The BTC/USD pair broke the $5,300 and $5,380 resistance levels to enter a bullish zone. There was a positive close above the $5,400 level and the 100 hourly simple moving average. The price extended gains above the $5,450 level recently and traded to a new weekly high at $5,500. The current price action is very positive, signaling more gains above $5,550 and $5,600.
An immediate support is at $5,470, and the 23.6% Fib retracement level of the recent move from the $5,372 low to $5,500 high. However, the main support is near the $5,420 level. An intermediate support is at $5,435, and the 50% Fib retracement level of the recent move from the $5,372 low to $5,500 high. Besides, yesterday’s two bullish trend lines are intact with support near $5,410 and $5,380 on the hourly chart of the BTC/USD pair. Therefore, if there is a downside correction, the price is likely to find bids near $5,430 or $5,400.
On the upside, a clear break above the $5,550 and $5,520 levels is likely to push the price towards the $5,600 level. The next key resistance is at $5,640, above which the price may test the $5,700 barrier.
Looking at the chart, bitcoin price is clearly trading in a strong uptrend above $5,400. Looking at the USDT pairs, BTC traded towards $5,600 on binance, and above $5,800 on bitfinex. The overall price action is very bullish and it seems like there could be more gains above $5,500 versus USD. In the short term, there could be a downside correction, but dips remain well supported near the $5,400 pivot level. Only a close below $5,280 and the 100 SMA might negate the current bullish view.
Technical indicators:
Hourly MACD – The MACD is gaining strong momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $5,420 followed by $5,400.
Major Resistance Levels – $5,520, $5,550 and $5,600.
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NewsBTChttp://bit.ly/2FUbkJa May 3, 2019 at 02:51AM @BruceDayne, @Aayush Jindal