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 sáng sớm hôm nay, signaling that bearish exhaustion – as indicated by Tuesday’s spinning bottom candle – is paving way for a corrective rally.

Đáng chú ý, 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.

Kết quả là, the stage looks set for an upside move. Tuy nhiên, caution is still the name of the game, as the bearish moving averages (AMs) could work as hurdles and complicate the recovery.

Lúc báo chí, BTC được trao tay tại $6,450, having clocked a high of $6,490 sáng sớm hôm nay, Theo số liệu Bitfinex.

biểu đồ giờ

The symmetrical triangle breakout, as seen in the above chart, indicates a bullish reversal, meaning the sell-off from the recent highs above $7,400 has ended and the bulls have regained control.

Thêm nữa, the 50-hour and 100-hour MAs are beginning to curl up in favor of the bulls. Vì thế, while there is a reason to be optimistic here, the downward sloping (giảm giá) 200-hour MA is warning the bulls against being too ambitious.

biểu đồ hàng ngày

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.

Tuy nhiên, as of writing, the downward sloping (giảm giá) 10-trung bình mỗi ngày, is putting brakes on the price rally.

Lượt xem

  • The bullish price action on the hourly and daily chart indicates BTC could test the 10-week MA of $6,847 in a day or two.
  • The bearish moving averages may slow down the pace of the bullish move, but are unlikely to derail the corrective move higher. hơn thế nữa, 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.

Tiết lộ: Tác giả không giữ tài sản cryptocurrency tại thời điểm viết bài.

Golden compass image via Shutterstock; Charts by Trading View

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nguồn: Coindesk

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