Bitcoin (BTC) Price Analysis (May 6)


Key Highlights

• BTC/USD market still struggles to trade around an upper range zone at a $9,000 mark.
• A breakout of a $9,000 upper range could be a return of a bullish trend.
• Meanwhile, a downward break of a lower range zone at $8,500 could be a bearish signal.

Bitcoin (BTC) Price Analysis

• Major supply zones: $9,500, $10,000, $10,500
• Major demand zones: $8,000, $7,500, $7,000

BTC/USD market still struggles to trade around an upper range zone at a $9,000 mark. The crypto is pushing slowly harder as paired with the US dollar in and around the two defined range trading zones of $9,000 and $8,500.

As at the time of writing, BTC/USD bulls look very dicey in pushing harder against the market position of bears. In other words, the crypto-trade is most likely going to witness a line of little drops around the upper $9,000 range trading zone while bulls relax muscles.

Bitcoin (BTC) Technical Indicators Reading

All the trading indicators are around two range trading lines of $9,000 and $8,500 marks. The trend-lines of the Bollinger Bands point clearly towards the east direction. The 50-day SMA trading indicator points to the north-east closer below the Lower Bollinger Band. They yet indicate that BTC/USD market dominated by choppy price moves. The Stochastic Oscillators have briefly moved past range 80 to touch into the overbought region. But, they seem not moving stronger in near time to consolidate their stance within the overbought region.

Conclusion

BTC/USD bulls are now found trading at a critical upper range point with weak forces. A breakout of the $9,000 range line is necessary to signify a bullish change in the present market trend. In the same vein, traders need to be on the lookout for a downward break of a lower range zone at $8,500 mark before considering a bearish signal ideal for shorting positions.

 

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.

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