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.
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.
