Bitcoin Technical Analysis : BTC/USD 6 May 2020

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

Bitcoin Technical Analysis : BTC/USD 6 May 2020

Bitcoin Technical Analysis : BTCUSD

Date : 6 May 2020

Pivot point : 8912

Our preference : the upside prevails as long as 8912 is support.

Alternative scenario : below 8912, expect 8526 and 8297.

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 trading above both its 20 and 50 MAs (respectively at 9056 and 8972). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (9220).

Supports and resistances :

10186 **
9955 *
9724
9223 – Last price
8912
8526 *
8297 **

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

Source : Trading Central

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