Bitcoin (BTC) Price Analysis (May 1)
- BTC yet moves in a correctional mote after hitting a tough point at $9,500 territory.
- The bulls will have to intensify efforts at breaking through the $9,500 mark.
- A range moving outlook may feature around $9,500 and $8,500 of BTC/USD markets for a while.
Bitcoin (BTC) Price Analysis
• Major distribution territories: $10,000, $10,500, $11,000
• Major accumulation territories: $7,500, $7,000, $6,500
The market valuation of BTC yet moves in a correctional mote after hitting a tough point at $9,500 during yesterday’s trading sessions. In the course of a volatile retracement, the crypto’s value saw a drop momentarily touching past a low at $8,500 line. Price now trades closer below a price territory at a $9,000 mark.
Up till the present, the crypto has between $8,500 and $8,000 market territories to rebuild its capacity to surging northward against the US dollar. Like wisely, a high point at the $9,500 mark remains the key retarding horizontal line that the bulls may find uneasy breaking through.
Bitcoin Technical Indicators Reading
The 50-day SMA trading indicator is a bit far underneath the trend-lines of the Upper and Middle Bollinger Bands. The Middle Bollinger Band and the SMA are below the market, pointing towards the north direction. That signifies that there are potentials to see more ups in this crypto-economy. The Stochastic Oscillators have moved downward, to now making efforts to cross the hairs towards the north at range 60. That indicates the possibility that the bulls are somewhat in a consolidation moving mote.
Three important trading lines have observed at $9,500, $9,000, and $8,500 marks. Within those market points, there seems that the two major movers may push around to have a line of range moves for a while. However, a forceful break of the $9,500 line will create a room for a bullish trend passing through other price distribution territories.
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.