Bitcoin price is gaining pace and trading above the $6,080 resistance levels. BTC/USD is likely to continue higher towards the $6,450 and $6,500 resistance levels.
Yesterday, we discussed the chances of an upside break in the bitcoin price above the $5,500 and $5,510 resistance levels. BTC/USD did gain traction and rallied above the $5,510 and $5,800 resistance levels.
Looking at the 1-hour chart, the price even climbed above the $6,000 barrier and the 25 simple moving average (1-hour, orange). The upward move was strong and the price tested the $6,400 resistance area.
The market data is provided by TradingView, Bitfinex.
It traded as high as $6,413 and is currently correcting lower. It tested the 23.6% Fib retracement level of the recent surge from the $5,007 low to the $6,413 high.
However, the bitcoin price is currently trading well above the $5,800 support and a bullish trend line on the same chart. Initial support is near the $6,050 level and the 25 simple moving average (1-hour, orange).
If there’s a downside break below the 25 simple moving average (1-hour, orange) and the trend line, the price could continue towards the $5,710 level.
The 50% Fib retracement level of the recent surge from the $5,007 low to the $6,413 high is near the $5,710 level, and could act as strong support in the near-term.
On the upside, immediate resistance is near the $6,300 level and a connecting bearish trend line on the same chart. If Bitcoin climbs above the trend line, it could make another attempt to surge above $6,400 and $6,410.
The next major resistance is near the $6,500 and $6,550 levels, above which BTC might surge towards $7,000.