Bitcoin (BTC) Price Analysis (May 8)


Key Highlights

• Bitcoin has now been on a relative increase as traded against the US dollar.
• Bears may exert small pushes around a high market at $10,000 price territory.
• A downward pressure against accumulation price territory at $9,000, poses a warning to continue with long-position orders of the market.

Bitcoin (BTC) Price Analysis

• Major distribution territories: $10,500, $11,000, $11,500
• Major accumulation territories: $9,000, $8,500, $8,000

There has been a relative increase in BTC’s valuation as paired with the US dollar for about a couple of hours. The crypto-market was lately trading in a range moving format of variant territories has at last gone a bit higher to presently trading at a high market value of $10,000.

As BTC/USD bulls have finally succeeded at breaking past its last retarding upper range trading line at $9,500 mark, more buying pressures are to still feature in the near time. Meanwhile, there may be small bearish pushes from $10,000 current market line down around the $9,500 point. But, a downward break of a $9,000 price territory will cause more selling pressures in the market.

Bitcoin Technical Indicators Reading

The Upper Bollinger Band trend-line has been stretching towards the north direction with price trading along its path. That signifies that the crypto-economy is in an upward straight-line trading trend. The Middle Bollinger Band and the 50-day SMA trading indicators are below the current market line, pointing to the north to indicate an ongoing bullish move in BTC/USD market. The Stochastic Oscillators have penetrated the overbought region. And, they have joined the hairs within it, to begin a consolidation move. That may mean that bulls will be in the market’s control until the next trading sessions.

Conclusion

The expectation has now been on the rise for BTC/USD buyers to hope for more possible upswings in the market. However, new buyers may have to be on the lookout for reversals from a bearish move before considering joining the market uptrend. Meanwhile, a downward pressure against accumulation price territory at $9,000, poses a warning to continue with long position orders 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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