BTC/USD daily chart

BTC/USD daily chart

Gate Trade Bitcoin Tuesday, May 19, 2020 952 0

Twice, the price has reversed direction from the $10,000 levels. If the bears again succeed in defending this level, then a drop to the 20-day exponential moving average ($9,025) is possible.

With both moving averages sloping up and the relative strength index above 60 levels, the bulls have the upper hand. Therefore, a rebound off the 20-day EMA can offer a buying opportunity to the traders.

If the bulls propel the BTC/USD pair above $10,000, a rally to the resistance line of the symmetrical triangle close to $10,600 is possible. Above this level, the momentum is likely to pick up and a sustained uptrend is likely.

The first sign of weakness will be a drop below the 20-day EMA and the bears will gain strength if they can sink the pair below the uptrend line.