Bitcoin (BTC) Price Hits $6.5K Target: $6.85K Could Be The Real Test

  • Bitcoin cost extended gains over the $6,400 and $6,440 resistance levels from the US Dollar.
  • The cost tested the important thing $6,500 level of resistance as discussed in yesterday’s analysis.
  • Besides, yesterday’s highlighted important bullish trend lines are intact with support at $6,060 around the hourly chart from the BTC/USD pair (data feed from Kraken).
  • The happy couple remains inside a strong upward trend also it appears such as the real test for that bulls might be near $6,850.

Bitcoin cost is extending its rally over the $6,450 level from the US Dollar. BTC is carrying out a solid bullish path also it appears enjoy it may even test the $6,800 level soon.

Bitcoin Cost Analysis

Yesterday, we had a powerful increase in bitcoin cost over the $6,200 resistance area from the US Dollar. The BTC/USD pair even broke the $6,350 level and settled well over the 100 hourly simple moving average. Consequently, the bulls have been in control plus they were effective in clearing a significant resistance area close to the $6,400 level. Earlier, there is a small dip, however the $6,280 and $6,300 levels provided support. Consequently, the cost bounced back and broke the $6,450 level.

It lately tested the $6,500 level and it is presently consolidating gains. A preliminary support is near $6,440, and also the 23.6% Fib retracement degree of the current wave in the $6,245 low to $6,500 high. However, the primary support is close to the previous breakout zone at $6,400. Besides, the 50% Fib retracement degree of the current wave in the $6,245 low to $6,500 high can also be close to the $6,400 level to do something like a strong support. Below $6,400, the cost may decline back for the $6,250 support area.

More to the point, yesterday’s highlighted important bullish trend lines are intact with support at $6,060 around the hourly chart from the BTC/USD pair. The happy couple is clearly inside a strong upward trend also it appears enjoy it may even break the $6,550 and $6,600 levels within the coming sessions. Consequently, the primary target for that bulls could close to the $6,800 and $6,850 levels (as pointed out above within the previous analysis using the daily chart).

Bitcoin Price Analysis BTC Chart

Searching in the chart, bitcoin cost is gaining traction over the $6,400 level. There might be a few swing moves towards $6,400 or $6,300, but dips remain well supported. Merely a close underneath the $6,000 pivot level and also the 100 hourly SMA could begin a strong correction.

Technical indicators:

Hourly MACD – The MACD is going to gain momentum within the bullish zone, with bullish signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving greater for the 75 level.

Major Support Levels – $6,400 adopted by $6,250.

Major Resistance Levels – $6,500, $6,600 and $6,800.

The publish Bitcoin (BTC) Cost Hits $6.5K Target: $6.85K May Be The Real Test made an appearance first on NewsBTC.

Original source: https://www.newsbtc.com/2019/05/11/bitcoin-btc-price-hits-6-5k-real-test-ahead/

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