- Bitcoin cost was unfazed and it just recently broke the $6,200 resistance level versus the United States Dollar.
- The cost even broke the $6,300 level and it appears like the bulls are now intending $6,500
- There is a significant bullish pattern line forming with assistance at $6,050 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set might discover a strong purchasing interest if it fixes lower towards $6,100 or $6,000
Bitcoin cost rallied more than 4% and cleared $6,300 versus the United States Dollar. BTC stays in a strong uptrend and it appears like the bulls are now intending a test of $6,400 or perhaps $6,500
Bitcoin Cost Analysis
Today, bitcoin cost overcame all hurdles and rallied above $6,000 and $6,200 versus the United States Dollar. The BTC/USD set acquired bullish momentum after it settled above $6,100 and the 100 per hour easy moving average. Just recently, it broke a bullish flag pattern with resistance near $6,040 on the per hour chart to begin a strong upward relocation. As an outcome, the bulls pressed the cost above the $6,250 and $6,300 resistance levels. A brand-new 2019 high was formed at $6,315 and the cost is most likely to extend gains.
A preliminary assistance is near the $6,230 level, and the 23.6% Fib retracement level of the current rally from the $5,961 low to $6,315 high. If there is a drawback extension, the next essential assistance might be $6,140 It represents the 50% Fib retracement level of the current rally from the $5,961 low to $6,315 high. More notably, there is a significant bullish pattern line forming with assistance at $6,050 on the per hour chart of the BTC/USD set. Additionally, the previous resistance location near $6,050 is most likely to serve as a strong buy zone if the cost fixes lower.
Besides, the cost is now well above the $6,000 pivot level and thebullish 100 hourly SMA For that reason, there are opportunities of more advantages above the $6,300 and $6,350 levels. The next primary difficulty is near the $6,400 level, above which the cost might rally towards the $6,500 level.
Taking A Look At the chart, bitcoin cost is acquiring bullish momentum above $6,200 and $6,300, without any significant bearish indication. In the short-term, there might be a couple of bearish relocations, however dips stay supported near the $6,200 and $6,100 levels. Just an everyday close listed below $6,000 and the 100 per hour SMA might begin a considerable disadvantage correction.
Per Hour MACD– The MACD is presently positioned greatly in the bullish zone, with favorable indications.
Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is presently remedying lower in the overbought zone.
Significant Assistance Levels– $6,200 followed by $6,140
Significant Resistance Levels– $6,300, $6,400 and $6,500