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Bitcoin (BTC) Price: Rally Supported But Quickly Running Out of Steam

Bitcoin (BTC) Price: Rally Supported But Quickly Running Out of Steam

Nick Cawley, Strategist

Bitcoin (BTC) Price, News and Analysis:

  • Bitcoin rally running into 50-dma resistance.
  • Supportive trendline intact as BTC pull-back nears completion.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) continues to edge higherand erase nearly all of the mid-March sharp sell-off, with a series of higher lows producing a supportive uptrend that has been tested but not broken. The blow-out sell-off from $7,990 to $3,900 continues to be clawed back with the March 13 high the next target. The 50-day moving average is also in play and is being tested for the third day in a row, and as yet remains unbroken. The last time that BTC tried to break above 50-dma resistance (March 7), a sharp sell-off occurred a week later, hammering the price nearly 60% lower. The ATR indicator is also showing the market is overbought.

The current narrowing of Bitcoin’s trading range suggests that breakout is close. While the cryptocurrency market is 24/7, the upcoming Easter break will reduce market liquidity, leaving cryptocurrencies vulnerable to a sharp move, either way.

Bitcoin (BTC) Daily Price Chart (June 2019 - April 9, 2020)

bitocin price chart

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.