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Bitcoin (CRYPTO: BTC) is trading higher on Friday in a relatively green cryptocurrency market.
Bitcoin has pushed higher and is once again approaching its resistance level. A break in resistance could allow the crypto to pull higher, but a rejection of resistance could cause the crypto to move lower.
Bitcoin was up 1.56% to $ 54,615.20 during the last check on Friday afternoon.
Bitcoin Daily Chart Analysis
- Bitcoin has pushed higher and is now approaching resistance in what technical traders would call a side channel pattern.
- The $ 60,000 is one area where Bitcoin has encountered resistance in the past. Bitcoin is holding above the $ 45,000 level, an area in which crypto has already found support. These levels could continue to be maintained in the future.
- The crypto is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment in the crypto appears to be bullish.
- Each of these moving averages may be a support area going forward.
- The Relative Strength Index (RSI) has risen in recent weeks and now stands at 67. This shows that there have been more buyers in crypto than there have been sellers.
What’s next for Bitcoin?
Bullish traders are looking to see Bitcoin push higher and break above the $ 60,000 level. The bulls then look to see a period of consolidation above the resistance level. A consolidation above resistance could allow the stock to experience another bullish push.
Bearish traders are looking to see the stock start to fall and drop below the $ 45,000 level. If that happens, the crypto could see a further push towards the next possible support area, the $ 30,000 level.
Photo by Executium on Unsplash
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