Bitcoin (BTC) Price Analysis (May 7)


Key Highlights

• BTC/USD trade has entered another close upper range trading level of $9,500 and $9,000.
• BTC/USD bulls may relatively keep pushing against bears in the next trading sessions.
• An occurrence of a bearish engulfing candlestick against the past lower highs formed will signal a return of bears in the market.

Bitcoin (BTC) Price Analysis

• Major resistance levels: $10,000, $10,500, $11,000
• Major support levels: $8,500, $8,000, $7,500

The trade between BTC and the US dollar has moved into another close upper range trading levels of $9,500 and $9,000 today. In the recent past, the range trading lines were around $9,000 and $8,500 points.

BTC/USD price now has to break through the current upper range resistance point to keep up with a relatively increasing mote at the expense of bears’ small weaknesses in the crypto-trade. To have a change in the present trading formation, a bearish engulfing has to occur to decimate some of the ups that the market has been somewhat seeing.

Bitcoin (BTC) Technical Indicators Reading

The Upper Bollinger Band has a bit stretched northward as price trades around it in a range moving manner. The Middle Bollinger Band is at $9,000 line and, the 50-day SMA trading indicator is near below it pointing towards the north-east direction. All those signify relative rises in a range-bound outlook. The Stochastic Oscillators have earlier penetrated the overbought region. But, they now cross at range 80 briefly to the south. That signals the possibility of seeing bulls getting weak.

Conclusion

Despite range trading situations in BTC/USD market operations, buyers have relatively continued to the trade-values higher against most of the small selling pressures been featuring in the crypto-economy. However, the kind of bullish forces occurring lack of weighty features. And, that may eventually result in a bulls’ trap if care not taken by traders entering lately on a long position of the market.

 

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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