Financial market and cryptocurrency trading and investing carry a high degree of risk, and losses can exceed deposits. Ensure you fully understand the risks involved. Any opinions, news, research, analysis, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. Read the “Risk Disclosure Statement” for further details.

Bitcoin Price Rallies Past $9,200.00 to Score a 4.17% Gain. Can It Extend Its Rally?

Published by

Written By: Angeline Feliciano

May 28, 2020, 06:41 BST 06:41

Bitcoin

Summary:

Bitcoin price had a strong bullish performance in yesterday’s trading as it closed with a 4.17% profit. Can bitcoin price to extend its gains?

Bitcoin price had a strong bullish performance in yesterday’s trading. BTCUSD opened at $8,835.79 and closed with a 4.17% profit at $9,210.00. Now the question is, are there enough bullish momentum in today’s trading for bitcoin price to extend its gains?

As of this writing, the cryptocurrency is testing resistance at the 100 SMA. A strong bullish close above yesterday’s high at $9,300.00 could mean that the resistance has already been invalidated. Should this happen, we could see BTCUSD rally all the way up to its May 20 highs at $9,854.00. If there are enough bulls in the market, the cryptocurrency may even go all the way up to the $10,000.00 psychological handle.

Download our Q2 Market Global Market Outlook

On the other hand, if resistance at the 100 SMA holds, bitcoin price could trade lower. We could see the cryptocurrency fall to $8,995.00 where it could test the 200 SMA. This price also corresponds to the neckline of the double bottom chart pattern. Reversal candlesticks around this price could indicate that bitcoin price will soon trade higher. On the other hand, if support at this price level does not hold, BTCUSD could fall further to $8,690.75 where the cryptocurrency bottomed on May 25 and May 26.

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.