Bitcoin Price Looks North After Passing $6.4K Resistance

Bitcoin (BTC) is teasing a decent bullish move, having cleared crucial resistance a few hours ago.

The leading cryptocurrency moved past $6,400 earlier today, signaling that bearish exhaustion – as indicated by Tuesday’s spinning bottom candle – is paving way for a corrective rally.

Vor allem, the positive price action was preceded by a solid defense of the long-term trendline connecting the June low and Aug. 11 low and an upside break of the symmetrical triangle.

Als Ergebnis, the stage looks set for an upside move. jedoch, caution is still the name of the game, as the bearish moving averages (AMs) could work as hurdles and complicate the recovery.

Zum Zeitpunkt der Drucklegung, BTC verändert sich die Hände an $6,450, eine hohe getakteter haben $6,490 earlier today, gemäß Bitfinex Daten.

Stunden-Chart

The symmetrical triangle breakout, wie in der obigen Tabelle gesehen, indicates a bullish reversal, meaning the sell-off from the recent highs above $7,400 beendet und haben die Bullen wieder die Kontrolle.

Des Weiteren, the 50-hour and 100-hour MAs are beginning to curl up in favor of the bulls. Damit, while there is a reason to be optimistic here, the downward sloping (bearish) 200-hour MA is warning the bulls against being too ambitious.

Tages-Chart

Over on the daily chart, the persistent bear failure to penetrate the lower end of the pennant pattern is finally yielding a bullish move. A UTC close today above $6,400 would further cement the short-term bullish case.

jedoch, as of writing, the downward sloping (bearish) 10-Tage gleitenden Durchschnitt, is putting brakes on the price rally.

Aussicht

  • The bullish price action on the hourly and daily chart indicates BTC could test the 10-week MA of $6,847 in einem oder zwei Tagen.
  • The bearish moving averages may slow down the pace of the bullish move, but are unlikely to derail the corrective move higher. Außerdem, price action always supersedes lagging indicators like the moving averages.
  • A downside break of the pennant pattern seen in the daily chart would revive the bearish view.

Bekanntgabe: Der Autor hält keine Kryptowährung Vermögen zum Zeitpunkt des Schreibens.

Golden compass image via Shutterstock; Chart von Handel anzeigen

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Quelle: Coindesk

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