Bitcoin has seen the last few days withstanding its crucial $9000 resistance. With bulls trying to win the battle, BTC hiked to $9418 on Wednesday, 6th May 2020. Four days to the Bitcoin Halving event, BTC witnessed a high surge in its trading volume yesterday. Traders and investors are keeping an eye waiting for BTC to breakout above $9500.
The prior resistance channel is now acting as immediate support. Bullish traders waiting to secure their positions once BTC breaks above the descending trendline resistance of $9400.
Considering the price of Bitcoin upsurging to a 145% gain since its crash to $3780 in March, it's going to be a challenge to break the resistance and reach $10,500 level which hasn't been vanquished since September 2019.
The trader's and investor's sentiments look extremely bullish. RSI shot above 70 to the overbought region. MACD is accelerating above the signal line. The price momentum favouring a hike, BTC dominance around 68% trying to target 70% at a breakout. Bitcoin's price is also trading much above its 20-day EMA. The market capitalization of Bitcoin has gone above $170 Billion as well.
Key points to watch out for:
Bulls trying to push BTC above $9400.
If rejected, BTC will take the support of $9200.
Might even retest $9000, with lower support between $8500-$8800.
Ethereum, the world's second-largest cryptocurrency continues to trade above $200. ETH has been taking support and is trading just above the middle-line of the ascending channel. We can see a downtrend depicted by the orange line. Being trapped between the range of $195 - $215 in the first week of May, the bulls are trying to break the small downtrend line to see a positive price rally.
If the downtrend line is broken by Ether, the immediate resistance will be seen between $211-$215, followed by $220. With the Bitcoin's halving event on the way, Ether might be affected to witness a rally of $250 to $289.
In the bearish scenario, the immediate support level is at $200. The lower support can be seen at $194 and $187 levels.
Bulls refusing to give up, RSI is above 50 trying to hold 60 level. MACD is maintaining its acceleration and has touched the signal line. Both the moving averages, 20-day EMA, and 50-day MA are correcting upwards. Ethereum's market capitalization is around $22.6 Billion and the trading volume around $20.3 Billion.
Ethereum's initial target still remains at $220 level. Considering the higher timeframes, ETH should make higher lows to break the bearish trend since the past years.
