Bitcoin (BTC) Price Rally Seems Real, $6K On The Horizon?
technical analysis

Bitcoin (BTC) Price Rally Seems Real, $6K On The Horizon?

THELOGICALINDIAN - Bitcoin amount assemblage aggregate clip aloft 4800 and 5000 adjoin the US Dollar BTC is currently accumulation assets but it is acceptable to advance added aloft 5100 in the abreast term

Bitcoin Price Analysis

Yesterday, there was the start of a able rise in bitcoin amount aloft the $4,000 axis akin adjoin the US Dollar. The BTC/USD brace rallied decidedly aloft the $4,500 and $4,700 attrition levels. Bulls acquired ascendancy and they alike succeeded in allowance the $5,000 resistance. The amount is up added than 25% from lows and it afresh traded appear the $5,100 level. A new 2019 aerial was formed abreast $5,105 and the amount afresh started accumulation gains.

There was a alteration beneath the $5,000 akin and the 23.6% Fib retracement akin of the contempo beachcomber from the $4,665 low to $5,105 high. However, losses were accurate by the $4,900 level. The amount activated the 50% Fib retracement akin of the contempo beachcomber from the $4,665 low to $5,105 high. It is currently trading able-bodied aloft the $4,650 abutment breadth and the 100 alternate simple affective average.

Besides, there is a aloft application triangle basic with abutment at $4,880 on the alternate blueprint of the BTC/USD pair. If there is a downside breach beneath the $4,880 support, the amount could analysis the $4,660 and $4,650 supports. O the added hand, if it holds the $4,880 support, there may be a fresh increase aloft $5,000. The abutting attrition is abreast $5,100, aloft which the amount is acceptable to analysis the $5,200 resistance.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount acutely confused into a able uptrend aloft $4,500 and $4,650. The accepted abstruse anatomy suggests that the assemblage could extend aloft the $5,000 and $5,100 attrition levels. Even if there is a downside correction, buyers are acceptable to assure the $4,660 and $4,650 supports. To about-face the contempo bullish wave, the amount charge achieve beneath $4,500 and $4,400. Otherwise, beasts are acceptable to break in control, eyeing a analysis of the $5,500 and $6,000 levels in the advancing days.

Technical indicators:

Hourly MACD – The MACD is boring affective into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower from the overbought zone.

Major Support Levels – $4,880 followed by $4,660.

Major Resistance Levels – $5,000, $5,100 and $5,200.