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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 Recovery towards $9,000 was unsupported mainly due to lack of volume and the withdrawn bulls.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.

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.

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