The Bitcoin news today show the most dominant cryptocurrency retesting the $5,360 resistance level and aiming at trading further higher in the near term. With a break above a short term contracting triangle with resistance at $5,155 on the hourly chart on the BTC/USD pair, the situation now shows that a surge towards $5,500 to $5,600 is entirely possible once the $5,360 resistance is cleared.
During the surge, there was a break above a short-term contracting triangle with resistance at $5,155 on the hourly chart of the BTC/USD pair. The pair even started trading above the $5,300 level and retested the key $5,360.
However, the main support is near the $5,200 level. If there is an extended downside correction soon, the price could test the $5,120 support area. To the topside, the $5,360 level is now the strongest resistance – but a clear break above the $5,360 resistance is likely to start a solid upward move towards the $5,400 and $5,500 resistance levels.
Looking at the current chart, the Bitcoin price seems to be preparing for a fresh increase above the $5,360 resistance. Right now, the main target for buyers could be $5,500 or $5,600. Conversely, if there is any downside correction, the $5,200 and $5,120 levels may act as a support.
The current technical indicators are as following:
- Hourly MACD – The MACD is placed nicely in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD tested the 75 level and it is currently correcting lower.
- Major Support Levels – $5,200 followed by $5,120.
- Major Resistance Levels – $5,360, $5,400 and $5,500
Ever since Bitcoin came back to life (last week) the price of BTC suddenly rallied and pushed a lot of price points. Volumes started to surge and exchanges across the board registered high trading activities.
The big question for many right now is…
Could the influx of Bitcoin trading push the price of cryptocurrencies higher – or are bears still in control of the market?
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