Bitcoin (BTC) Price Analysis (May 5)
• BTC/USD market still trades in ranges around $9,000 price territory.
• A forceful move against a $9,000 range line could lead to having a high value between $9,500 and $10,000 marks.
• A high value at $9,500 remains the tough line in the north pathway of BTC/USD bulls.
Bitcoin (BTC) Price Analysis
• Major distribution territories: $9,500, $10,000, $10,500
• Major accumulation territories: $8,000, $7,500, $7,000
As at the time of writing, today, BTC/USD market still trades in ranges around $9,000 price territory as it has to keep in the recent trading day’s sessions. The crypto has now been struggling to push harder against the valuation of the US dollar.
From the point of analytic observation, the market strength that bulls have been putting on isn’t enough to dowse any selling pressures that bears may exert on the crypto-trade around the range trading territory. However, a forceful price moves against the range line may allow the pair to achieve a high value between the distribution territories of $9,500 and $10,000 marks.
Bitcoin (BTC) Technical Indicators Reading
All trend-lines of the Bollinger Bands positioned around $9,000 and $8,500 market trading territories. And, they point towards the east direction to indicate that BTC/USD market yet trades in a range-bound formation. The Stochastic Oscillators have placed between ranges of 20 and 60. But, they now point to the north very briefly past the range 60. That suggests that bulls are somewhat having the advantage of the crypto-trade.
There may be a prolongation in the current consolidation moving outlook of BTC/USD market activities as long as the two main range trading points at $9,000 and $8,500 left unbroken to neither definite direction. In the meantime, the immediate major distribution point at $9,500 remains a tough line that BTC/USD buyers will encounter trying to spring northbound afterward.
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.