Key points
Bitcoin prices rose another 4% and climbed above $5,850.
- Analysis of the madman market on July 8: How will the central bank's legal digital currency issue change?
- Bloomberg: Bitcoin faces an inflection point, and bearish signs are frequent
- Oil price avalanche! Bitcoin plunges $ 800, or will the black swan continue?
- Analysis of the madman market on July 10: USDT will be destroyed after the protagonist of the coin.
- Analysis of the madman market on May 24: Assuming that the small currency is a cut amaranth, what kind of small currency can be held for a long time?
- Analysis of the madman market on April 27: Stabilizing the currency is the rise of the currency circle will bring disaster
Although the price of the currency is soaring, there are still many obstacles to clearing $6,000, $6070 and $6,100.
Bitcoin could break through $6,000 or even $6,800 before a sharp correction.
Bitcoin price analysis
In the past few days, bitcoin prices have steadily increased from a low of $4,000. After breaking through $4,400 and $4,700, Bitcoin began a new round of strong gains. The price finally closed at $4,200 and above the 100-hour SMA. Soon after, the buyer pushed the price of the currency up to the last 50% Fibonacci retracement (from a high of $6,652 to a low of $3,115).
More importantly, Bitcoin broke through a key bearish trend line in the hourly price chart with a breakout point of $4,730. Recently, Bitcoin broke through $5,250 and $5,500 to further expand the gains. Currently, the price is above the 76.4% Fibonacci retracement of the last decline (from a high of $6,652 to a low of $3,115). There are more positive signs that Bitcoin will break through $5,900. Although the price of the currency is soaring, there are still many obstacles to clearing $6,000, $6070 and $6,100. It was a support level before $6070 and is now turning into a resistance level.
If Bitcoin can break through $6,100, the price of the currency may climb to a high of $6532. The resistance above $6,500 is around $6,800, the support area around October 2018. Therefore, in the next few days, prices may see a strong downside reaction from around $6,100, $6,500 and $6,800.
As you can see from the chart, there may be strong buying interest around $6,000 and $6070 and around $6,100. If it successfully closes above $6,100, the price will move to $6,500 and $6,800, and then a substantial correction will likely begin.
Technical indicator signal
Daily MACD – MACD is gaining bullish momentum
Daily RSI – RSI climbs above 70 and seems to be heading towards 80
Main support level – $5,450 and subsequent $5,250
Main resistance levels – $6070, $6,500, $6,800
Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.
Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.
