Bitcoin (BTC) Price Analysis (April 30)
- BTC/USD market has, at last, appreciated hitting resistance at $9,500 mark.
- BTC/USD pair appears to build a selling wall between $9,500 and $9,000 price levels.
- Traders should be wary of bulls’ trap after a break of the $9,500 market resistance point.
Bitcoin (BTC) Price Analysis
• Major resistance levels: $10,000, $10,500, $11,000
• Major support levels: $7,500, $7,000, $6,500
Bitcoin’s price worth started to rise about early trading sessions yesterday from a low point below $8,000 to now hit a resistance around $9,500 mark today. The flagship cryptocurrency is now in a correction moving mote against the US dollar.
Meanwhile, it has somewhat established that between the 9,500 and $9,000 price levels, there seems a start for building a selling wall of the BTC/USD market. Therefore, the bears’ forces expect to come in full form around the resistance level the market hit earlier.
Bitcoin (BTC) Technical Indicators Reading
The Upper Bollinger Band trend-line has long-stretched to the north along with the BTC/USD market’s price. But, now, price has reversed a bit down against it. The 50-day SMA indicator is underneath the Middle Bollinger Band with a space between them. And, they point towards the north direction. That signifies that the bulls are in control of BTC/USD market operations. The Stochastic Oscillators are into the overbought region consolidating to affirm that the bulls are yet relatively having a stronger stance compared with bears’ in this crypto-trade.
A strong resistance level has observed at a $9,500 mark. And, the bears expect to push back the market-line of BTC/USD below it towards a low point around $8,000 level. However, a breakout of the $9,500 resistance level will see the crypto’s value appreciating through some major resistance values. Traders should be wary of bulls’ trap during a volatile price moves.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.