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Bitcoin (BTC) Price Rally: Supportive Higher Lows and 200-DMA Break

Bitcoin (BTC) Price Rally: Supportive Higher Lows and 200-DMA Break

Nick Cawley, Strategist

Bitcoin (BTC) Price, News and Analysis:

  • Bitcoin spiked $1,200 on Wednesday as the 200-dma fell.
  • Overbought but supported by a series of higher lows.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Bitcoin - Volatility Returns as BTC Price Surges

After a period of limited price action, Bitcoin surged over $1,200 higher on Wednesday asthe last of a series of positive technical moves came into play. The chart shows that BTC made a conclusive break higher off the 50-dma on April 22 and the 20-dma on April 23 with support also offered by a basic uptrend drawn from the March 13 low. While uptrend lines gain more strength from repeated touches and moves higher, supportive swing-lows add positive sentiment to this set-up. Furthermore, the break and subsequent close above the April 7 high at $7,455 added to the move.

Wednesday’s sharp break above the 200-dma adds further credibility to the move although yesterday’s indecision candle suggests the move may be taking a break, while the CCI indicator sits firmly in overbought territory. For the move to continue, the series of higher lows needs to continue, leaving $8,415 a level to watch. Below here, the 200-dma at $7,992 and the 61.8% Fibonacci retracement level at $7,985.

Bitcoin Price – How Will Halving, Coronavirus Affect BTC?

Bitcoin (BTC) Daily Price Chart (2019 – May 1, 2020)

Bitcoin (BTC) Price Rally: Supportive Higher Lows and 200-DMA Break

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.

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