BTC/USD Technical Analysis: Bulls aim $5,400 barrier

BTC/USD Daily Chart

• BTC/USD went up from $5,300 to $5,380 this Monday.
• The market is trending above the 20-day simple moving average (SMA 20), SMA 50, and SMA 200 curves.
• The SMA 200 and SMA 50 curves are on course to chart a golden cross pattern.
• The price is currently trending in a channel formation, and the bulls are looking to breach past the $5,400 barrier.
• The signal line is diverging away from the moving average convergence divergence (MACD) line indicating stronger bearish momentum.

BTC/USD 4-Hour Chart

• The 4-hour BTC/USD price chart has been trending along horizontally for quite some time before it had a bullish breakout by bouncing off the SMA 20 curve.
• The market found support on the red cloud of the Ichimoku indicator.
• The Elliot wave shows four consecutive bullish sessions of increasing intensity.

BTC/USD Hourly Chart

• The 20-day Bollinger band indicates increasing market volatility.
• The second last session brought the price back inside the Bollinger band.
• The relative strength index (RSI) indicator shows that the market has gone out of the overbought zone.
• The SMA 20 has crossed over the SMA 50 which is a bullish sign.

Key Levels