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.
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.
