This is a daily technical analysis by Coindesk analyst and chartered market engineer Omkar Godbole.
Bitcoin (BTC)’s recent range play resolved bullishly early on Monday, shifting its focus to the $90,000-$92,000 range, which was previously a strong support zone.
Major cryptocurrencies by market value rose above $87,000, and have broken convincingly through the weekly consolidation between $83,000 and $86,000. The new willingness to lead price action among the Bulls indicates that the recovery from the April 7 low is below $75,000.
It also means that it could continue to move from $90,000 to $92,000, which serves as a floor, and prices arrested between December and early February will fall. The support zone was eventually compromised in late February and rapidly fell below $75,000.
Range breakouts are displayed on the hourly chart (left).
This follows the recent nullification of a weakened trendline, which characterizes sales from record highs, as seen on daily charts. BTC also surpasses the 30-day index moving average (EMA) price high, indicating a bullish change in momentum.
So the focus is in the $90,000-92,000 range and is the previous support zone earlier this year. Tracking the moving average should be noted that the 200-day Simple Moving Average (SMA) is at $88,245.
If prices go back to $85,000 by the end of the day, the eloquent outlook is at risk of negation.