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Bitcoin Price Analysis: BTC/USD still bullish as long as it stays above $6,000

  • BTC/USD sell-off below SMA200 1-hour worsened the short-term technical picture.
  • A strong move above $6,500 is needed for the recovery to gain traction.
Bitcoin Price Analysis: BTC/USD still bullish as long as it stays above $6,000
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) extended the downside move during early Asian hours on Saturday. The first digital coin tested the intraday low at $6,072 and recovered to $6,250 by press time; however, it is still 7% lower from this time of Friday, March 27. Currently, BTC/USD is moving within a short-term bullish trend amid low volatility. 

BTC/USD: Technical picture 

BTC/USD crashed below SMA200 1-hour at $6,500 and continued the sell-off as the move below important support area attracted new speculative sellers to the market. However, despite the sharp decrease, the coin retains bullish bias as long as it stays above $6,000. If this barrier is taken out, the bearish momentum will gain traction and we will see a sharp sell-off towards the next important target of $5,550 (SMA200 weekly) and $5,000.

On the upside, we will need to see a sustainable move above $6,500 for the upside to gain traction. This former support is reinforced by SMA50 4-hour and SMA200 1-hour. Once it is out of the way, the upside is likely to gain traction with the next focus on  $6,700-$6,800 area that limited the recovery for the most part of the week.

BTC/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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