On the 27th of May, Bitcoin price led the crypto market with an uptrend towards the $9200 mark. RocketBomb is a crypto analyst who suggested that the BTCUSD trading pair will make its way towards $9200, followed by $9350.
1-Day Bitcoin price analysis (7th May)
Bitcoin price chart by TradingView
The trajectory for the BTCUSD pair varied near about the $8850 level during the 26th of May, and until before 10:00 GMT on the 27th of May. BTCUSD broke past the descending channel near 10:25 GMT, and the confirmed breakout turned the price bullish.
The bulls led the price towards the $9200 mark. BTCUSD remained near the $9200 level for the rest of the day’s trade. At the time of writing, Bitcoin traded at $9173.99 US Dollars.
At the time the bullish momentum came into play, the Relative Strength Index (RSI) converged past the level 90.00 on its daily scale. This suggested that the cryptocurrency was overbought at the time.
Bitcoin: move towards $9350?
RocketBombs had explained that the once BTC broke above the descending channel, the cryptocurrency would see an uptrend, for which it’s price targets would be $9200 and $9350.
Bitcoin price chart by TradingView
The breakout from the descending channel was not false, and the cryptocurrency moved towards the $9200 level on the 27th of May. This was a positive sign for the BTC market, leaving the distribution area behind. BTC currently rests right below the first price target proposed by the crypto analyst.
The idea is currently in play, and the height of the descending channel shows that the cryptocurrency’s next price target should be $9383.47.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
