khareem sudlow
May 10, 20192 min
Surprisingly, Bitcoin erected another price level atop the $6000 which has been the most-anticipated price level for the bull in the past weeks. Meanwhile, we may see the BTC price floating at $6400 soon if the trading volume increases. As of the time of writing, Bitcoin has gained a market dominance of 54%, shrinking other cryptocurrencies.
Key Levels:
Resistance levels: $6400, $6800
Support levels: $5600, $5200
Earlier Today, Bitcoin opens long and posted a new price above $6000 level. So far, the bulls have held positions and sustaining price above the mentioned price. In a short time, BTC may touch $6400 and possibly $6800 resistance levels in the next few days of trading.
BTCUSD-1D-Chart-May-9
For the past three months, BTC trading has remained within a range following the bullish wedge. However, the price increase has walked up the bulls to the upper wedge. A drop could be supported at $5600 level and possibly $5200.
Checking the daily MACD, Bitcoin is revealed to be in a bullish trend. Also, the daily RSI has repositioned trend in the overbought zone. This signals the positive move in the market.
After the late April decline, Bitcoin has carved a rising channel as the price actions remained within the boundaries of the trend lines. The next key level for the bulls is $6200. And if price drops, we can expect the price at $5800 level, where the channel support lies.
BTCUSD-4H-Chart-May-9
The bullish scenario is revealed on the 4-hours MACD as the market floats above the zero level. Confirming the positive move, the 4-hours RSI has been bullish since the beginning of this month trending above the 50 level.
If the market falls below the $5800 support level, BTC may test the April high of $5600, which is now a support level. For now, the buyers are gaining control of the market. We may see a more positive move in future trading.
Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
The post Bitcoin Trading: BTC Hits $6150, What Are The Bulls Up To? appeared first on InsideBitcoins.com.
via http://bit.ly/2FUbkJa AzeezMustaph, Khareem Sudlow