On the 6th of May, Bitcoin price appeared bullish and the BTCUSD trading pair broke out of the upper boundary of the parallel trading channel. The cryptocurrency rallied towards the $9400.00 mark, while it continues to trade above $9200.00 at the time of writing.
1-Day Bitcoin price analysis (6th May)
Bitcoin Price Chart by TradingView
For the first quarter of the day, the trading pair rested right above the midpoint of the parallel trading channel. Closer to noon, the cryptocurrency appeared bullish as the Relative Strength Index (RSI) moved past the level 80.00.
The bullish momentum allowed the cryptocurrency’s price to reach across the $9350.00 level, where it saw a day’s high of $9402.38 US Dollars. the cryptocurrency remained above the $9200 mark for the rest of the day. At the time of writing, BTC traded at $9235.45 US Dollars.
Bitcoin: breakout of the parallel channel
Jay_shree is a TradingView analyst who predicted for the cryptocurrency to fall towards the $8600 before the parallel channel concluded.
The crypto analyst had drawn the trajectory that BTC was expected to follow on the 5th and the 6th of May.
Bitcoin price by Trading View
Opposing the idea, the cryptocurrency made its way towards and across the upper boundary of the parallel channel, as seen in the featured chart above. At the time of writing, the cryptocurrency traded above the $9200 level, after it rallied to a high near the $9400 mark.
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.