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Bitcoin Technical Analysis: BTC/USD Indicators Suggest $5,800 is The Next Target

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  • Bitcoin is gearing for an upward move in the confines of an ascending triangle (typical bullish indicator).
  • BTC/USD to stay above $5,200 while the upside will be limited at $5,350.

Bitcoin refused to give in to the tag of war witnessed between the bears and the bulls on Tuesday 9. BTC/USD is currently exchanging hands in a tight range between $5,287 and $5,160 keeping the price well above the April 4 low and in turn strengthening a higher low.

BTC/USD 1-hour chart

Bitcoin Technical Analysis
Bitcoin Technical Analysis Chart Source: FXStreet

The 1-hour chart displays a trend that is in favor of the bulls. The uptrend having maintained above $5,200 support in the last 24-hours ignoring several moves to the downside. In the short-term, Bitcoin is gearing for an upward move in the confines of an ascending triangle (typical bullish indicator). The bulls have their target set on $5,800; a move likely to take place if BTC clears the hurdle at the upper trendline between $5,320 and $5,350.

BTC/USD 4-hour chart

Bitcoin Technical Analysis
Bitcoin Technical Analysis Chart Source: FXStreet

The 4-hour chart show Bitcoin supported at $5,200 and above the trendline. The price is trading at $5,241 amid a growing sideways trend. The RSI at 60.71 is horizontal and confirms the ranging market. For now, expect BTC/USD stay above $5,200 while the upside will be limited at $5,350.

Also Read: Ethereum [ETH] Price Analysis: This Triangle Breakout Sends ETH/USD Above $180

The daily chart shows the bulls maintained a higher low above April 4’s red candle. This kept intact the bullish market structure above the key 100 SMA and 200 SMA yesterday, which are slowly beginning to converge for a bull cross.

Should those two lines cross bullish, then greater buying pressure would become the trend with a new bull run would be on the verge of a breakout.

Key Technical Indicators

Resistance 1: $5,287

Resistance 2: $5,350

Key target: $5,800

Support 1: $5,200

Support 2: $5,160

Support 3: $5,000

Support congestion area: $4,600 -$4,800

50 SMA 4-hour: $5,075.3554

100 SMA 4-hour: $4,568.69

50 SMA 1-hour: $5,22.03

100 SMA 1-hour: $5,192.9078.

RSI 1-hour: 60.71 and ranging

MACD 1-hour: Horizontal at 0.0000.

Bitcoin Technical Analysis: BTC/USD Indicators Suggest $5,800 is The Next Target

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Bitcoin Technical Analysis: BTC/USD Indicators Suggest $5,800 is The Next Target
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Bitcoin is gearing for an upward move in the confines of an ascending triangle (typical bullish indicator). BTC/USD to stay above $5,200 while the upside will be limited at $5,350.
John isige
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