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On Friday, Bitcoin gained just over 6% and the fast move above the resistance of $ 5,488 made analysts like Peter Brandt and Murad Mahmudov optimistic for the biggest digital asset. Will the BTC attack at $ 6,000 next?
Bitcoin Price: Market overview
Prices announce for Bitcoin 00. Surprisingly, the Tether-Bitfinex debacle seems to have had a limited impact on the bullish sentiment in the crypto market and Bitcoin is now up 51% from its 2018 low.
At present, all players in the institutional finance sector, such as Fidelity Investments, the Intercontinental Exchange (ICE) and analysts such as Barry Silbert, Tom Lee and Peter Brandt are currently qualifying the company. Bitcoin price action as indicative of a bull market. Let's take a look at the graphics to see what's going on.
Weekly table
The 12th and 26th EMA are about to pass a cross on the weekly calendar for the first time since early October 2015 and the Bitfinex premium has already pushed the BTC price above $ 6,000. The latest BTC decision placed the digital asset over the EMA 55 and a quick look at the daily chart shows that BTC has hit a new high today.
Going back to mid-November 2018, when BTC had unexpectedly dropped by $ 7,300, there was little resistance of $ 6,300 in overhead costs. Therefore, unless the bears install a wall of short circuits between $ 6,000 and $ 6,300, and assuming the demand will remain healthy, the Bitcoin could profit from $ 7,300 escape in the coming weeks.
4 hour chart
Since March, BTC has successfully revived successive reverse head and shoulder formations and today's move above $ 5,488 has allowed BTC to increase to $ 5,750 on Coinbase.
Like the RSI, the MACD extends into the bidding market, but it should be noted that strong positive moves by BTC often allow the RSI to linger deeply in the overheating territory, so that Business decisions should not be based solely on a reading of the RSI.
The gap (lack of support / resistance) between $ 5,500 and $ 6,350 may soon be exploited by bulls. After reaching a higher level, Bitcoin will retrace the profits of some traders. A brief consolidation period should occur before BTC returns to $ 6,000.
USD 5,620 and USD 5,500 (12-EMA) appear to be interim supports and a drop below USD 5,400 could be a decent buying opportunity.
BTC-USD Shorts
Traders are advised to keep an eye on the BTC-USD and MACD shorts charts on the daily and 4 hour charts. Over the past week, BTC-USD shorts have risen by around 20%, with the Tether-Bitfinex scandal weighing heavily on the BTC price and many analysts have also documented Bitfinex's capital outflows as traders cautious were seeking to leave the scandalous market. As always, there is a possibility of brief pressure that could help BTC to significantly exceed $ 6,000.
Do you think Bitcoin is going to attack at $ 6,000 over the weekend?
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]
Trade Bitcoins, Litecoins and other encrypted currencies on the online trading platform Bitcoin forex evolve.markets.
Images reproduced courtesy of Shutterstock, Trading View. Market data from Coinbase.
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