Technical Indicators:
Support Levels: $5600, $5450
Resistance Levels: $6000, $6100, $6500 and $6800
Key Points:
- Bitcoin price gained more than 4% in the last 24 hours and broke through $5850 resistance level.
- BTC is currently moving upwards and might face some resistance around $6000 initially.
- The next major resistance lies around $6100 above which BTC might surge towards $6800.
Bitcoin Price Analysis:
SUMMARY: Bitcoin price is currently trading in a bullish momentum against USD. BTC might soon test the major resistance around $6100 after which there are chances of a quick surge to $6800 level.
Bitcoin price has been gaining bullish strength from the last few weeks after rising above $4000 and spiking above $4500 and $4700 resistance levels very quickly. BTC was able to close well above the $4200 level and the 100 hourly SMA which opened the doors for further gains.
Later, the buyers were able to push the price above $5200 and $5500 resistance levels to move into a bullish zone. Moreover, the overall medium and short term movements are predicting a bullish momentum in the coming days and bitcoin price might surge higher above $5900 to test $6100 and $6800 resistance levels soon. Currently, a minor resistance also lies around $6000.
The next resistances above $6000 lie at around $6100, $6500 and $6800. There are high chances that BTC might crash downwards very quickly after testing these levels as the resistance is quite strong. On the downside, initial support lies around $5600 below which BTC might test $5450 and $5250 levels.
The chart shows that bitcoin price is currently gaining strength above $5600 support level. The buyers will most likely push the bitcoin price above $6000 and $6100 resistance levels. If BTC is able to close above the $6100 resistance levels, it will open the doors for further gains up to $6800 after which the price might start a sharp downward correction.
