Bitcoin price sees rise to $9600; bearish fractal or channel up?

Bitcoin price climbed up on the charts on the 28th of May, while it observed a rise towards the $9600 level. On the 28th of May, BTCUSD pair traded between the day’s range of $9463.20 — $9610.00 and the total increase in price amounted to 3.52% of BTC’s value.

1-Day Bitcoin price analysis (28th May)

Bitcoin Price ChartBitcoin price chart by Trading View

The Bitcoin price stood near the $9200 level, while it saw an uptrend at noon. While the Relative Strength Index (RSI) rose to 81.48 on its scale, depicting an overbought instance for Bitcoin.

The cryptocurrency traded between the $9450 and $9500 levels until after 22:00 GMT when it saw another increase in price towards the $9600 mark. At the time of writing, Bitcoin is trading hands at $9496.42 US Dollars.

Bitcoin price in bearish fractal or channel up?

TradingShot, a TradingView analyst, explains two possible scenarios for the cryptocurrency king.

The analyst suggested that either BTC will fall to a Bearish Fractal scenario after the 4h death cross occurs between the 50-Day Moving Average (50MA) and the 200-Day Moving Average (200MA). In this technical chart pattern, the 50MA will cross below the 200MA and indicate a potential for a major selloff.

According to the second scenario given by TradingShot, the middle line (dotted) of the Channel Up has held as a pivot point since March.

The analyst suggests that it should continue to hold up this way if the volume of trade in the Bullish Band is increased and it invalidates the Bearish Fractal.

Bitcoin Price Featured ChartBitcoin price chart by Trading View

The idea came into play for the Channel Up scenario, since the 4h death cross has occurred and the results appear to be positive for Bitcoin.

The king of cryptocurrency did not budge and fall down, instead, it moved towards the $9600 mark. As per the analyst’s idea, this may lead to the cryptocurrency’s final break above the $10500 resistance.

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.

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