Bitcoin bulls rejoice, BTC/USD catapults to $6,000

Posted by David Ogden on May 06, 2019 - 10:38pm

Bitcoin resumes strong growth during early Asian hours.
BTC/USD is vulnerable to a short-term correction.

Bitcoin is moving fast towards $6,000 handle. The largest digital coin extended the recovery during Asian hours on Tuesday, gaining over 3% in just one hour. BTC/USD hit a new 2019 high at $5,963 before retracing towards $5,897 by the time of writing.

Looking technically, BTC/USD continues moving within an upside channel with the major barrier is now seen at psychological $6,000 strengthened by the channel resistance. Once it is cleared, the recovery may gain traction with the next focus on $6,500.

Meanwhile, considering an overbought state of the Relative Strength Index on the intraday charts, BTC/USD is vulnerable ot the short-term correction with the initial support seen at $5,700 (a confluence of SMA50 1-hour and the middle line of 1-hour Bollinger Band).

BTC/USD, 1-hour chart

Tanya Abrosimova

FXStreet

Tip Blog Author

Send

Jeffrey Sloe In early April, I posted an article that mentioned BTC could go to $8400 in the coming weeks. It looks like it is on its way! Here's the article: https://markethive.com/jeffreysloe/blog/bitcoin-btc-could-skyrocket-to-84k-in-the-coming-weeks-analyst-suggests

May 7, 2019 at 4:34am

Tip

Dislike