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BTC to USD: Bitcoin Price Analysis, Whats next for BTC above $6500?

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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.

Technical Indicators:

Support Levels: $6400, $6200, $6000

Resistance Levels: $6550, $6600, $6800-6850

 

Key Points:

  • Bitcoin price started a fresh bull run and broke above $6400 resistance level.
  • As discussed yesterday, Bitcoin price tested the $6500 resistance level and was able to break above this range as well.
  • The bullish pattern line which was being formed on the hourly chart yesterday with resistance around $6050 is still on the chart.
  • Currently, the overall momentum seems bullish, however, a major bear attack is all set to appear around $6800-6850 resistance level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price was able to break above $6400 and $6500 resistance levels. BTC is currently trading with a bullish force but might soon face the major bear attack around $6800.

 

Bitcoin price broke above the $6200 resistance level yesterday. The buyers were able to push the price even above the 100 hourly SMA and the $6350 level. Due to this, the bulls were able to take full charge and cleared the critical resistance around $6400. Bitcoin price soon tested the $6500 level too, however, it started consolidating gains.

 

After correcting a few points downwards, the bulls gained momentum again and this time with full force were able to push bitcoin price above $6500 resistance level. Currently, BTC is well settled above this level and facing resistance around $6550-6600 level. The current support for bitcoin price is at $6400 below which it might test $6250 and $6000 levels.

 

The bullish pattern line that was being formed on the hourly chart yesterday with support around $6050 is still on the same chart. Currently, Bitcoin price is trying to break above $6550-6600 resistance level above which it might test the most major long term resistance around $6800. BTC might fall back downwards after testing this level as a lot of large sellers are placed around this range.

 

BTC to USD Price Chart 11th May
BTC to USD Price Chart 11th May

The chart shows that BTC is gaining momentum above $6500. It could correct downwards, however, currently it is well supported around $6400 and $6200. On the upside, bitcoin price might soon test the most major resistance level around $6800 where a bear attack might lead to the price crashing back below $6000 level and the 100 hourly SMA.

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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