The price of Bitcoin (BTC) rose 1.23% for today’s session to USD 9,175 after it recovered the USD 9,000 identifier, after briefly losing it and finding lows of USD 8,800.
Ether (ETH), the second largest crypt currency, is in control of $200, and at $204 it represents a 2.69% recovery from yesterday’s lows of $191. XRP, the third largest by market cap, has recovered to the $0.20 level and has also risen 3.8% in the day’s session.
Chart for one month
With one week left before the end of May, the monthly
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chart clearly shows that Bitcoin has a long-term challenge to overcome, which is to claim the USD 10K. But more specifically, you should record a monthly close of ~$9,300 that has eluded Bitcoin for the past 10 months, setting the tone for the current price action. This is likely to happen within the next week.
The 1-day chart for Bitcoin shows that the current trade is still below the resistance and that Bitcoin has currently posted a lower peak at a macro level after forming a lower low. This market structure will have to change before Bitcoin can be declared bullish with more confidence.
The high spot volume level occurring at the 10K USD level shows that there is potentially more external interest around this price point, which is positive for bullish players, despite the temporary high resistance of USD 9,300 which is temporarily lost as support.
After yesterday’s settlement, the chart shows a loss of momentum with the MACD crossing downward, indicating that there is a blockage in the upward momentum and that further consolidation may be needed before it continues. The MACD line is above the zero line, which means that the underlying trend has not yet turned bearish.
Bitcoin traders now have their sights set on the USD 6,000 – USD 7,000 after 4 failed attempts to break the USD 10,000
The RSI is currently above 50, which is generally considered to be bullish and arguably a small hidden bearish divergence is developing. But clearly, the current trend is low and is similar to what was previously seen when there was a rejection at the USD 10K level.