According to two technical charts which are constantly monitoring the price of Bitcoin, the largest cryptocurrency by market cap out there, the path of least resistance is right now to the upside.
Currently, Bitcoin is trading below the $6,500 level and is up 9% from the low during the previous week which made it bottom out at $5,859.
Still, it is hard for Bitcoin to secure momentum above the $6,500 price region. The latest attempt to scale the psychological level also failed and the price of BTC fell below the mark accordingly.
What’s important is the fact that Bitcoin scaled the channel resistance earlier today and confirmed a bullish breakout. It also signaled that the major sell-off from the July 25th high of $8,507 has ended and that bulls are probably regaining control over the (most popular) cryptocurrency.
The relative strength index (RSI) for Bitcoin is also witnessing a bull flag breakout – or a bullish pattern – which indicates that Bitcoin could soon pick up a strong bid and jump towards the $6,700 region – which will potentially open the doors to the $7,000 and $7,500 levels accordingly.
Right now, Bitcoin remains on the hunt for the $6,700 resistance level which is seen as crucial before the $7,000 margin is established. Any break below $6,200, however, would abort the bullish view.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]