Alert: Bitcoin Price Analysis, Highly Bullish: BTC off to $6500?

Categories -
ADVERTISEMENT

Technical Indicators:

Support Level: $5600

Resistance Level: $5850, $6000, $6500

 

Key Points:

  • Bitcoin price surge upwards after rising above $5500 resistance level.
  • BTC gained bullish momentum and broke through $5600, $5700 and $5800 resistance levels before correcting a few points downwards.
  • A major bullish pattern is being formed with support around $5600 on the hourly chart.
  • The current momentum is very bullish and Bitcoin price might soon spike upwards to test $6500 resistance level.

 

Bitcoin Price Analysis:

Summary: Bitcoin price gained bullish force after rising over $5600 resistance level. BTC will most likely break above $6000 resistance level towards $6500 in the short term.

 

The previous week proved to be highly bullish for bitcoin price after bitcoin broke above $5400 resistance level. The buyers were easily able to push the price above $5500 after which the bulls gained momentum. In just a matter of hours, Bitcoin price was pushed above $5600, $5700 and even $5800 resistance levels. BTC was also able to settle above $5600 and the 100 hourly SMA.

 

A yearly high was formed around $5840 before BTC started a minor downward correction. Currently, there is a strong resistance formed between $5800 and $5850 which led to BTC correcting downwards, BTC corrected towards $5700 range where buyers emerged and pushed the price upwards again.

 

Currently, BTC remains strongly supported at $5600 where a large number of buyers are placed and most probably, BTC will not fall below this range. There are high chances that BTC might soon break above $5850 resistance level to move towards $6000 and even $6500 in the short term. There are some resistances formed around $6250 and $6300, however, if the buyers remain strong, these would be easily broken. However, there are also chances that bitcoin price might crash hard after testing $6500 resistance level which is very strong.

 

BTCUSD Price Chart- 5 May
BTCUSD Price Chart- 5 May

 

The chart shows that bitcoin price is currently in a bullish momentum above $5600 support level. There is a bullish pattern which is being formed with the current support which might push the price upwards sharply.

ADVERTISEMENT
Avatar
Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

2 comments

  1. As long as the total market cap stays below 200B, I don’t see a bull market happen at all. However when the market cap reaches 220-240B and BTC trades above 6500, we may have another huge bull run on our hands. Before that happens though, I ain’t touching it.

Leave a reply

Please enter your comment!
Please enter your name here