Bitcoin (BTC) Surges Ahead, Fails to Sustain Hold above $7000 Resistance

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

BTC/USD Long-term Trend: Bearish
Surprisingly, Bitcoin has broken the $6,000 resistance. The resistance at $6,000 was the upper price range of the previous range of $4,400 and $6,000 before the breakout.

This is a positive move if the bulls can sustain the price above $6,000. The upward move was made possible because the bulls buy at the $5000 price level. initially, it was anticipated that if the $6,000 resistance is broken, BTC will rally above $8,000. The market has reached a high of $7,000 but has fallen back to the price range.

Daily Chart Indicators Reading:
Bitcoin is above 25% range of the daily stochastic. The buyers are emerging as Bitcoin moves out of the oversold region. In other words, the market is in bullish momentum. Presenting, Bitcoin is facing resistance at the support line of the descending channel. A break above the support line and price is closed. This will mean the resumption of the uptrend.

BTC/USD Medium-term Trend: Bearish
On the 4- hour chart, the BTC is trading in a descending channel. The price has broken the resistance line. It is indicated that the bullish trend has resumed. The price has hit the $7,000 resistance and it is currently retracing.

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping upwards. There is bullish crossover as the 21-day SMA crosses over the 50-day SMA.The Relative Strength Index has fallen to level 57 after the retracement.

General Outlook for Bitcoin (BTC)
Bitcoin appears to resume uptrend after breaking the $6,000 resistance. We expect the bulls to sustain the price above $6000 so that the current selling at $7000 does not extend to the previous price range.

Instrument: BTC/USD
Order: Buy
Entry price: $5,989.50
Stop: $5,900
Target: $6,200

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