Bitcoin (BTC) Price Analysis (May 4)
• BTC/USD market has resumed trading in a sideway outlook around $9,000 and $8,500 marks.
• A break of either of the two range price levels may give a clearer market direction afterward.
• Traders need to back up their position entries with decent price actions.
Bitcoin (BTC) Price Analysis
• Major resistance levels: $9,500, $10,000, $10,500
• Major support levels: $8,000, $7,500, $7,000
BTC/USD market has resumed trading in a sideway outlook around $9,000 and $8,500 marks since mid-day trading sessions on April 30 until now. As at the early trading period on the date mentioned earlier, the crypto managed to surge a bit higher to test a high value at $9,500 level.
As at the time of writing, the bears are pushing price faintly closer to the $8,500 lower range point. But, then, they needed to exert more forces to breach downward at that market point to clear the air as regards another round of BTC/USD economy sell-offs resumption line.
Bitcoin Technical Indicators Reading
The Bollinger Band trend-lines are all over the 50-day SMA trading indicator. The SMA is a bit below the Lower Bollinger Band, pointing towards the north-east direction closely below market value at $8,500. Meanwhile, all the trend-lines of the Bollinger Bands point towards the east to signify an ongoing range price moves in the crypto-trade. The Stochastic Oscillators have briefly moved downward to touch range 20. That indicates that the bears are, to some extent, in the control of the market.
Some of the trading instruments are now showing $9,000 and $8,500 BTC/USD market levels as the two critical points that have to be into consideration in determining the next tangible price action as there are ongoing range trading moves. However, active desired price action may as well not come in the near trading sessions. But, traders are required to watch out for when it will occur.
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.