- 20th May 2019
- Posted by: Hakeem
- Categories: CryptoCurrency, FOREX MARKET ANALYSIS, FUNDAMENTAL ANALYSIS, TECHNICAL ANALYSIS, TRADE
• Increasing bearish momentum sent Bitcoin spiraling below $7,500.
• Bitcoin is in a sideways trending motion between a narrow range ($7,750 – $8,250).
Bitcoin has been on a rollercoaster ride in the past few days. There was a break above $8,000 last week for the first time in 2019, however, the bullish momentum stalled at $8,384.66 giving way for a correction to the south. Increasing bearish momentum sent Bitcoin spiraling below $7,500. Further downside correction found support at $6,500 before the bulls returned Bitcoin above $8,000.
Meanwhile, Bitcoin is pivotal around $8,000 with the initial intraday support established at $7,750. The current value of BTC is $7,884 amid a sideways trending motion between a narrow range ($7,750 – $8,250). Bitcoin is also supported by the 100 Simple Moving Average (SMA) and the 200 Exponential Moving Average at $7,000. Last week Friday support at $6,500 will be the last resort in stopping declines below $6,000 in the event a reversal occurs.
Bitcoin buyers are looking forward to a correction to $10,000 but first, they must clear the resistance at $8,400, $8,500 and $9,000. However, most experts believe that Bitcoin is ready for a correction and it is already in a bullish mode.
BTC/USD 2-hour chart