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Bitcoin Outlook: BTC/USD Price Tries to Build Higher

Bitcoin Outlook: BTC/USD Price Tries to Build Higher

2020-06-04 14:30:00
Mahmoud Alkudsi, Analyst
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BTC/USD Price Technical Outlook

  • Bitcoin (BTC) from zero to hero
  • BTC/USD rally remains intact

BTC/USD – A Bullish Comeback

On May 25, Bitcoin declined to a four-week low at $7,598 then reversed higher and closed later the weekly candlestick in the green with a 2.5% gain.

Alongside this, the Relative Strength Index (RSI) remained flat above 50 highlighting paused bullish momentum.

Bitcoin PRICE DAILY CHART (MaR 1, 2019 – June 4, 2020) Zoomed Out

Bitcoin daily chart price 04-06-20 Zoomed out
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Bitcoin PRICE DAILY CHART (March 20 – June 4, 2020) Zoomed In

Bitcoin daily chart price 04-06-20 Zoomed in

Last week, Bitcoin tested the 50-day moving average yet the price rallied later and generated a bullish signal. On May 28, the cryptocurrency climbed to the current trading zone $9,080 - $10,507 indicating that the bulls were still in charge.

A close above the high end of the aforementioned zone signals that bulls could rally BTC/USD towards $11,093, and a further close above that level may extend the rally towards $12,320.

On the other hand, a close below the low end of the zone could send Bitcoin towards $7,824 and a further close below that level may embolden bears to press towards $6,540.

That said, the daily and weekly support and resistance levels marked on the daily chart should be kept in focus.

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Bitcoin PRICE FOUR Hour CHART (May 16– June 4, 2020)

Bitcoin four hour price chart 04-06-20

On May 27, Bitcoin rallied above the downtrend line originated from the May 20 high at $9,837 and generated a bullish signal. On Tuesday, Bitcoin made an over three and a half-month high at $10.382. Today, the price trades above the uptrend line originated from the May 26 low at $8,701 although, any violation of this line would be considered a bearish signal.

A break below $8,832 could send BTC/USD towards $8,220 in turn, any break in the other direction i.e. above $9,937 may trigger a rally towards $10,301.Nonetheless, the daily support and resistance underlined on the four-hour chart should be watched closely.

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Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi

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

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