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BTC to USD: Bitcoin Price Analysis, Off to $6000?

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Technical Indicators:

Support Levels: $5400, $5500

Resistance Levels: $5600, $5800, $6000

Key Points:

  • Bitcoin price was able to break through the major resistance around $5400 and spiked upwards above $5500.
  • BTC reached a new yearly high and is currently in a bullish momentum above $5400 support level.
  • A bullish pattern is being formed with support around $5350 on the hourly chart.
  • BTC might soon test $5800 and $6000 resistance level.

 

Bitcoin Price Analysis:

Summary: Bitcoin price spiked upwards over $5400, $5500 and even $5600. BTC will remain in an uptrend until it remains above $5500 and $5400 support level and might soon test $5800 resistance.

After correcting towards to test $5200 support level, bitcoin price started to rise upwards sharply breaking the major resistance around $5300 and the 100 hourly SMA. The massive buying pressure led to BTC rising above $5400, $5500 and $5600 resistance levels.

BTC broke through $5600 resistance level to record a new yearly high at around $5640. Bitcoin is currently correcting lower, however, the overall momentum is quite bullish and BTC might soon test $5800 and $6000 resistance levels. The initial support lies at $5600, however, the major support lies at $5500. A bullish pattern is also being formed with support around $5350 which might spike the price upwards again if BTC corrects downwards.

BTCUSD Price Chart 23 April
BTC/USD Price Chart 23 April

The chart shows that bitcoin price started a bull rally today rising above $5400 and $5500 resistance levels. The previous resistance has now turned into support. The massive buying pressure could soon lead to BTC testing the $5800 resistance level and move towards $6000.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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