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BTC / USD Price Analysis: Growing Strong

Bitcoin continues its upward momentum, finally breaking its $6000 resistance and maintaining a bullish outlook.

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  • Bitcoin has a bullish short-term outlook, with the BTC / USD pair advancing to a fresh 2019 trading high
  • The BTC / USD pair also has a bullish trading outlook over the medium-term
  • The daily time frame shows that an inverted head and shoulders pattern is taking shape

Bitcoin / USD Short-term price analysis

BTC has a bullish short-term trading outlook, with the BTC / USD pair advancing above the important $6,000 resistance level.

The four-hour time frame is showing that bulls are fully in control of price-action with the BTC / USD pair continuing to make higher price highs.

Technical indicators on four-hour time frame have now turned bullish and show scope for further upside.

 

BTC / USD H4 Chart May 9, powered by TradingViewBTC / USD H4 Chart by TradingView

                                                                                

Pattern Watch

Traders should note that bulls are continuing to eradicate the presence of any bearish patterns on the four-hour time frame.

Relative Strength Index

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

MACD Indicator

The MACD indicator on the four-hour time frame is attempting to turn bullish, following the latest rally in the BTC / USD pair.


Bitcoin / USD Medium-term price analysis

BTC has a strong bullish bias over the medium-term, with the BTC / USD pair now trading at its highest level since November 19th, 2018.

The daily time frame is showing that the BTC / USD pair is now approaching major technical resistance from the $6,400 and the $6,900 levels.

Technical indicators on the daily time frame are bullish, although they are starting to approach overbought territory.

 

BTC / USD Daily Chart May 9, powered by TradingViewBTC / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that a potential inverted head and shoulders pattern is starting to take shape on the daily time frame.

Relative Strength Index

The Relative Strength Index is bullish and has now moved into overbought territory.

MACD Indicator

The MACD indicator on the daily time frame is bullish, although it is starting to appear overstretched.


Conclusion

BTC has an increasingly bullish bias over both time frames, with the number one cryptocurrency now trading above the $6,000 resistance level.

The emergence of a potential inverted head and shoulders pattern on the daily time frame offers a strong indication that the BTC / USD pair can still trade much higher over the medium-term.

 

In the unlikely case you need an intro to Bitcoin, check out our coin guide.

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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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