• As long as the trend line is unbroken the bullish trend is ongoing.
  • The crypto’s price has broken the resistance levels and it is expected to reach the highs of $6,000 and $6,500 price levels.

BTC/USD Medium-term Trend: Bullish

  • Resistance Levels: $6,800, $6,900, $7,000
  • Support levels: $5,500, $5,400, $5, 300

Yesterday, May 2, the price of Bitcoin was in a bullish trend zone. The crypto’s price was making a series of higher highs and higher lows. A bullish trend line has been drawn showing the support levels of price where traders can initiate long trades. The trend line will enable us to determine the duration of the bullish trend. As long as the trend line is unbroken the bullish trend is ongoing. Yesterday, the bulls reached a high of $5,760 and were resisted. The crypto’s price retraced to a low at $5,720 and commenced a bullish trend to a new high of $5,808.20.

The crypto’s price has broken the resistance levels above $5,600 and $5,700. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise. The BTC price is expected to rise to a high of $6,000 or $6,500 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in a bullish trend zone. The 12-day EMA and the 26-day EMA are pointing northward indicating that price is in a bullish trend. The crypto’s price was trending above the 12-day EMA. If the bears had broken below the EMAs, the crypto’s price would have fallen.

Yesterday, the BTC price reached a high of $5,805 and commenced a range bound movement at that price level. The MACD line and the signal line are above the zero line which indicates a buy signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

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