Bitcoin (BTC): D-6 of the third halving, $ 8,500 is the new first medium

The uptrend of bitcoin price continues on D-6 from third halving of the history of BTC.

Key technical factors of the article:

• The bullish technical signals since crossing the resistance at $ 7200 are confirmed. The new first support of the trend is at $ 8,500 and the target at $ 10K.
• Altcoins follow the leader Bitcoin, but XRP is behind schedule as usual. It is necessary to exceed the resistance at 0.23 $ to consider a solid bullish impulse.

In my previous technical point, I went back to exceeding the resistance at $ 8,500 and waiting for confirmation of a change in status for this price level. It was a question of staying above 8.5K at the weekly closing (Sunday evening) and confirming the change in polarity (transition from the role of resistance to that of support) by performing a back movement (pull back).

The pull back took place during the session of Monday May 4, the $ 8,500 is now the new first support for the uptrend.

Can we still consider a test of $ 10,000 when we are 6 days from the third halving of Bitcoin?

Technical analysis is only one model of probabilities among others, it allows in particular to qualify a trend according to its intrinsic strength, according to its momentum. The probability of going to test the $ 10K is important because the characteristics of the recent increase are solid, in particular the increase in the volume of trade and the permanence of a high underlying speed. The speed is illustrated here by the RSI technical indicator, the daily measure of which remains above 70, or 70% of upward variations over the last 14 trading sessions, so the bulls have largely the upper hand. This bull market view is conditioned by preserving the support at $ 8,500 based on a daily closing.

As for altcoins, they continue to follow the BTC unevenly. Ripple is as usual late but good support was formed at $ 0.20 for the XRP / USD rate. The upside potential of the XRP is conditioned by exceeding the resistance at $ 0.23. Such a technical signal would give the starting point for an increase to $ 0.30, so XRP must be placed under high technical surveillance.

XRP / USD price – TradingView source

Follow Vincent Ganne on Trading View for further analysis on the financial markets. The technical thresholds and the trend indicated above are based on the technical approach "price, momentum, sentiment, ichimoku". The data come from Bitstamp and the graphics of TradingView.

This content is provided for informational purposes only and does not constitute an investment recommendation. We remind you that theinvestment in crypto assets, including Bitcoin, is extremely risky. Cryptocurrency prices are prone to large and unpredictable price swings.