Login to your account

Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *
Captcha *
Reload Captcha

Bitcoin Price: Falling wedge breakout leaves $9,500 achievable

Written by  Guest Contributor: Anthony Marks - Crypto Trader May 28, 2020

Bitcoin price spiked on Wednesday following a recent dip from highs above $9,500 to levels slightly above $8,600.

For over two days, the price remained in a range between $8,700 and $8,900. Recovery towards $9,000 was unsupported mainly due to lack of volume and the withdrawn bulls. The recent spike above $9,000 did attract more bulls to the market who joined to capitalise on a possible run to $9,500 and above.

BTC/USD technical breakout was as a result of a falling wedge pattern. The pattern’s impact paved the way for more gains above the moving averages; both the 50 SMA and the 100SMA in the hourly range currently form a support confluence at $8,961. Moreover, Bitcoin closed in on the resistance at $9,300 but hit a wall at $9,289.

Advertisement
prime big

Meanwhile, BTC is trading at $9,183 after the short term support at $9,200 failed to hold during the Asian session on Thursday. Although bears appear to be gaining traction fast, there is a possibility that bulls would soon regain control especially if the 50 SMA crosses above the 100 SMA.


BTC/USD price 1 hr chart by Tradingview

From another technical perspective, consolidation is likely to take precedence as hinted by the sideways trending Moving Average Convergence Divergence (MACD). However, to be on the safe side, buyers must work hard to pull Bitcoin price above $9,200. If push comes to shove support areas at $9,100 and $9,000 will come in handy to stop declines back into the $8,000’s range.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Follow Us

Advertisement

Bitcoin Price

Popular in Bitcoin

Jun 15, 2020

Bitcoin price is recovering well

Bitcoin price closed its weekly candle at roughly $9,325 and dipped to £8900 very briefly.

Jan 24, 2020

What is Bitcoin?

Bitcoin is a cryptocurrency created back in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sel...

Jun 23, 2020

PayPal and bitcoin to collaborate

The hot news today is from PayPal, the well-known payments company, is getting ready to introduce a cryptocurrency buyin...

May 07, 2020

Bitcoin tries to go above $9,300 but is expected to go down

The Bitcoin price has broken out from a short-term descending resistance line but still has yet to move above its 30th A...

May 14, 2020

Bitcoin transaction fees are rising

Bitcoin is seeing an uptick in transaction fees in the past few weeks, now on similar levels to fees during the summer o...

May 14, 2020

Recent proof that Bitcoin is better than Gold

The Bitcoin market is moving upwards once again. The cryptocurrency has seen its price rise by more than 150 percent fro...

May 16, 2020

The environmental concerns of Bitcoin mining

Following bitcoins rise two years ago in 2017 to highs of $20k+, the question was asked on whether the leading cryptocur...

Jun 17, 2020

More than 8000 Bitcoin ATMs now installed worldwide

There are now 8000 bitcoin ATMs have been installed on a global scale.

May 28, 2020

Bitcoin Price: Falling wedge breakout leaves $9,500 achievable

Bitcoin price spiked on Wednesday following a recent dip from highs above $9,500 to levels slightly above $8,600. ...