Bitcoin Price Move Past $6.5K Would Boost Upside Potential
In preparation for all possibilities, Bitcoin (BTC) supported a $ 6,000 support on weekends, opening a strong visibility rally of over $ 6,480.
Friday's decline below $ 6,240 (bears flag crash) opened the June low of $ 5,755 retest. BTC closed at $ 6,183, the lowest level on Thursday. On July 25, the highest selling price was $ 8,507.
Apparently, the odds were built up in favor of the bear, still, rests below $ 6,000 were not materialized. The major cryptocurrency has risen to $ 6,500 before printing on a 6 week low of $ 6,500 on Saturday.
If the bulls overcome the firm resistance of $ 6,480, the correction rally can be further extended to $ 6,850 (see chart below).
4 hour chart
As you can see from the chart above, BTC is currently working hard to expand the $ 6,480 trendline obstacle.
A convincing rest on the core resistance will lead to an upward trend of $ 6,850, confirming bear and bull trend changes due to optimistic relative strength index (RSI) differences over the weekend.
However, the downward sloping (bearish) 50-second Canvas Moving Average (MA) is currently at $ 6,580 and will be challenging. In addition, a 100-candle MA is set to cross the MA-200 candle from above in favor of the bear.
As a result, if you do not take the trendline resistance repeatedly, you can go back to the failed stock market and weaken the bull case.
BTC created a head and shoulders reversed pattern on the hourly chart over the weekend and removed Thursday's hurdles today, adding to the confidence in the strong RSI differences seen in the 4 hour chart today.
The optimistic breakout opened upwards towards $ 6,850 (targeted according to the measured height method).
BTC is more likely to accommodate on the $ 6,480 line of sight obstacles and will extend the corrective action to $ 6,800 for six days from a six-week low in June.
If you do not remove the downward trend line resistance in the next few hours, you can get a costly $ 6,162 retest (hourly chart support). If there is a violation, it will be exposed to $ 6,000 (low in February).
Acquisition of less than $ 6,000 reverses the bearishness and shifts the risk of falling to $ 5,755 (June low).
Disclosure: Authors do not retain cryptocurrency assets at the time of writing.
Bitcoin image through Shutterstock; Charts by Trading View
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This article is a news item to inform readers about various events and development situations that can affect or influence the value of cryptocurrency described above. The information contained herein does not provide or provide sufficient information to provide a basis for investment decisions and should not be relied upon. The information presented here is accurate only on a date-time basis and has not been prepared by research analysts or other investment professionals. Before you decide to buy or sell such an instrument, you should find additional information on the benefits and risks of investing in cryptocurrency. Provide everything that is not encrypted to the 10,000 merchants who came to open the chart.
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