Bitcoin Technical Analysis : BTC/USD 5 May 2020

5 May 2020 Analysis (Forex, CFDs, Cryptocurrency)Bitcoin (BTC)BTC/USD (Bitcoin)

Bitcoin Technical Analysis : BTC/USD 5 May 2020

Bitcoin Technical Analysis : BTCUSD

Date : 5 May 2020

Pivot point : 8749

Our preference : the upside prevails as long as 8749 is support.

Alternative scenario : the downside breakout of 8749 would call for 8371 and 8146.

Comment : the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 8909 and 8804). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 9034).

Supports and resistances :

10028 **
9801 *
9074 – Last price
8371 *
8146 **

Warning : This information isn’t a buy-sell signal. Please use this information for the trade guideline.

Source : Trading Central

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