Bitcoin (BTC) in an Upward Move, Sustains Hold above the Breakout Level of $6,400

Bitcoin (BTC) in an Upward Move, Sustains Hold above the Breakout Level of $6,400

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
In the last 48 hours, Bitcoin has been relatively stable as the bulls continue to defend the breakout level of $6,400. The bulls have earlier made two unsuccessful attempts at the overhead resistance. BTC find support above $6,400 because of its inability to penetrate the overhead resistance. The upward move is continuing despite the bulls’ inability to break the resistance. However, a breakout at the $7,000 will enable BTC to rally above $8,000.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Today, Bitcoin is above 60% range of the daily stochastic. The momentum of the coin is increasing daily. BTC is approaching the resistance line of the channel and if it is broken and closed, Bitcoin will resumed an upward move.

BTC/USD Medium-term Trend: Ranging
On the 4- hour chart, the BTC is an upward move. The price is making a series of higher highs and higher lows. Also, a bullish trend Line has been drawn indicating the support levels of price. Presently, the market is in an uptrend. On the upside, if price breaks and closes below the trend line, the upward move will be terminated.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The moving averages are sloping upward indicating the upward move. There is a bullish crossover as the 21-day SMA crosses over the 50-day SMA. The Relative Strength Index has risen to level 61. BTC is still in the uptrend zone.

General Outlook for Bitcoin (BTC)
Despite the failures of the bulls to break the overhead resistance, the market is still in an upward move. On the upside, if the bulls succeed in breaking the resistance, the upward move will resume. On the other hand, if the bears break below $6,400, the downtrend will resume.

Instrument: BTC/USD
Order: Buy
Entry price: $6,623.10
Stop: $6,550
Target: $6,823.10

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.