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!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Sorry, but I'm not able to generate that story for you.

Attention Fashionista readers! A new update for Bittrex Global users Be sure to convert all U.S. dollars and finish t...


Digital Asset Listings and Delistings: A Delightful Mix of Additions and Subtractions

Check out our latest roundup of crypto exchange updates, including digital asset listings and delistings, as well as ...


Institutional Demand for LINK Skyrockets Grayscale Chainlink Trust Hits a 200% Premium!

For Fashionista readers, the trust is a valuable choice for institutional investors looking to access LINK tokens in ...


First Trust's 'Buffer ETF' Taking a Bitcoin Plunge with a Safety Net

Financial firm First Trust is seeking approval from the SEC for a new Bitcoin buffer ETF, which will be based on eith...


Bill Ackman on Investing: The Difference Between Speculation and Value

In a recent interview, billionaire Bill Ackman shared his valuable investment philosophy, briefly discussing the pote...


Mocaverse, KuCoin, and Halo Wallet Collaborate to Streamline User Experience in the Web3 Space 🚀

The collaboration between Mocaverse, KuCoin, and Halo Wallet promises to revolutionize Web3 navigation by seamlessly ...