Bitcoin price analysis on May 7

Bitcoin price analysis on May 7

Key points

Bitcoin prices rose another 4% and climbed above $5,850.

Although the price of the currency is soaring, there are still many obstacles to clearing $6,000, $6070 and $6,100.

Bitcoin could break through $6,000 or even $6,800 before a sharp correction.

Bitcoin price analysis

In the past few days, bitcoin prices have steadily increased from a low of $4,000. After breaking through $4,400 and $4,700, Bitcoin began a new round of strong gains. The price finally closed at $4,200 and above the 100-hour SMA. Soon after, the buyer pushed the price of the currency up to the last 50% Fibonacci retracement (from a high of $6,652 to a low of $3,115).

More importantly, Bitcoin broke through a key bearish trend line in the hourly price chart with a breakout point of $4,730. Recently, Bitcoin broke through $5,250 and $5,500 to further expand the gains. Currently, the price is above the 76.4% Fibonacci retracement of the last decline (from a high of $6,652 to a low of $3,115). There are more positive signs that Bitcoin will break through $5,900. Although the price of the currency is soaring, there are still many obstacles to clearing $6,000, $6070 and $6,100. It was a support level before $6070 and is now turning into a resistance level.

If Bitcoin can break through $6,100, the price of the currency may climb to a high of $6532. The resistance above $6,500 is around $6,800, the support area around October 2018. Therefore, in the next few days, prices may see a strong downside reaction from around $6,100, $6,500 and $6,800.

Bitcoin price analysis on May 7

As you can see from the chart, there may be strong buying interest around $6,000 and $6070 and around $6,100. If it successfully closes above $6,100, the price will move to $6,500 and $6,800, and then a substantial correction will likely begin.

Technical indicator signal

Daily MACD – MACD is gaining bullish momentum

Daily RSI – RSI climbs above 70 and seems to be heading towards 80

Main support level – $5,450 and subsequent $5,250

Main resistance levels – $6070, $6,500, $6,800

Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.

Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Bitcoin

Bitcoin Bull Run Sparks Unusual Crypto Movement

According to analysis by CoinGlass, there has been a significant drop in funds from centralized digital asset exchang...

Blockchain

Bitcoin once fell below $ 8,600, and BitMEX's bitcoin settlement exceeded $ 150 million

According to Bitcoinist, Bitmex, the bitcoin exchange with the largest trading volume, today has a bitcoin settlement...

Bitcoin

Switzerland’s St.Galler Kantonalbank (SGKB) Ventures Into Crypto

Switzerland's St.Galler Kantonalbank teams up with SEBA for digital asset custody and brokerage services.

Blockchain

No loss of money or stolen money, this Thai mainstream exchange has announced the closure

Woke up this morning, Thai cryptocurrency traders and investors found an unpleasant surprise: the country's main...

Blockchain

Indian government organizations recommend a total ban on bitcoin, or will affect legislation

The Ministerial Committee (IMC), established to investigate Indian bitcoin and cryptocurrency regulations, said the g...

Blockchain

Killer whale stolen 260 million BTC and BCH! Rewarded heavily, begging miners to roll back the block

At noon on February 22, a Weibo post by Dovey Wan, founding partner of Primitive Ventures, made many people aware of ...