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Bitcoin Technical Analysis: BTC/USD edging closer to $5800 Mark

The Bitcoin denied being any kind of contest of strength among the bears and the bulls in the market. The BTC/USD is recently trading hands in a close range between $5,287 and $5,160 holding the value of the high from the 4 April dive and in order to power a high decrease.

The 1-hour chart-list shows a trend that can be of profit to the bulls. The climbing having continued above $5,200 assists in the previous 24-hours neglecting several actions to the downwards. In the short-period, Bitcoin is fueling for an upward action in the enclosing of an ascending triangle i.e. usual bullish signal.

The bulls have their aim on the value of $5,800l; an action which probably to happen if BTC ejects the obstacle at the higher trend line between $5,320 and $5,350.

On the other hand, if we look at the 4-hour chart list display Bitcoin assisted at $5,200 and higher the trend line. The value is trading at $5,241 among a developing side path trend. The RSI at 60.71 is straight and approved the ranging market. For still, while the upside will be restricted at $5,350 and BTC/USD will remain above $5,200.

The regular chart displays the bulls continued a higher low overhead of April 4’s red indicator. This held complete the bullish market model above the key 100 SMA and 200 SMA, which are leisurely starting to interact for a bull cross.

The most important technical signal:

  • Resistance: $5,287
  • Support: $5,350
  • Key Target: $5,800
  • 100 SMA 4 hr: $4,568.69
  • 100 SMA 1 hr: $5,192.9078
  • RSI 1 hr: 60.71 and ranging
  • MACD 1 hr: Horizontal at 0.0000.

About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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