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Bitcoin Price Analysis BTC / USD: Five Digits Incoming

Bitcoin has decisively broken its $8300 resistance, with the daily time frame pointing to $10,000 as a realistic target.

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  • Bitcoin has a strong short-term bullish bias, with the cryptocurrency advancing to a new 2019 trading high
  • The four-hour time frame is showing that a bullish inverted head and shoulders pattern has been triggered
  • The daily time frame is showing that the $10,000 level is a realistic bullish target

Bitcoin / USD Short-term price analysis

Bitcoin has a strong bullish short-term trading outlook, with the BTC / USD pair advancing to a new 2019 trading high.

The four-hour time frame is showing that an inverted head and shoulders pattern has been triggered, with the BTC / USD pair now probing towards the $9,000 resistance level.

Technical indicators on four-hour time frame are bullish and continue to generate a strong buy signal.

SIMETRI Research

 

BTC H4 Chart May 27, powered by Trading ViewBTC / USD H4 Chart by TradingView

 

Pattern Watch

Traders should note that the bullish pattern on the four-hour time frame is showing the $10,300 level as its overall upside target.

Relative Strength Index

The Relative Strength indicator on the four-hour time frame is bullish, although it has now reached overbought conditions.

MACD Indicator

The MACD indicator on the four-hour time frame has turned bullish and shows scope for further upside.


Bitcoin / USD Medium-term price analysis

Bitcoin has an increasingly bullish bias over the medium-term, with the BTC / USD pair performing another major technical breakout.

The daily time frame is showing that the BTC / USD pair has moved above the neckline of a large inverted head and shoulders pattern, with the $10,000 level the next major resistance level.

Technical indicators on the daily time frame are bullish, although they are starting to appear overstretched.

 

BTC Daily Chart May 27, powered by Trading ViewBTC / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that an even larger bullish pattern will form on the daily time frame if the BTC / USD pair trades towards the $10,000 level.

Relative Strength Index

The Relative Strength indicator is bullish on the daily time frame and shows scope for further upside.

MACD Indicator

The MACD indicator on the daily time frame is bullish, although the MACD signal line appears overstretched.


Conclusion

Bitcoin has performed a strong bullish breakout above the $8,300 resistance level after staging a rapid technical recovery from the $6,500 level.

Both the four-hour time and the daily time frames are showing that BTC / USD pair can trade much higher, with the $10,000 and $10,300 levels now becoming realistic bullish targets.

 

Our first ever coin guide was about Bitcoin, should you need a refresher.

Bitcoin Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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