BTC/USD technical Analysis May 23

23.05.2019 08:22:15

When last week the Bitcoin prices showed sharp growth, Bitcoin received the largest number of searches in Google for the last year. Today, the pair BTC/USD is trading at $7,600 with a market capitalization of $134 billion. 24-hour trading volume amounted to $24.6 billion.

Daily chart

On the daily chart of the BTC/USD pair, there is an uptrend that has formed near $5,200 mark. The support points for the BTC/USD pair are located at the $4,990 and $5,560 area. The resistance area is at the $8192 area.

btcusd-23-May-daily.jpg

On the hourly chart, the diverging between the Bollinger bands indicate a continuation of volatility, so we can see price jumps in the near future.

The MACD indicator shows a bullish trend with a hint of a bearish crossover.

Since Chaikin Money Flow speaks about capital inflows into the market, we can still see the attempt of the BTC/USD pair to break through the resistance level of $8192.

Conclusion

The daily BTC/USD chart shows a bullish trend, but hints at a quick bearish movement, as indicated by the indicators.