Technical analysis: what will the price of Bitcoin on the weekend?

Judging by the technical analysis graph, the path of least resistance for Bitcoin satisfies the aspirations of the bulls. At the moment the main cryptocurrency is trading at $ 6400. While technical indicators on all time frames point to a possible rise towards the psychological resistance level of 7,000 dollars. This writes Coindesk.

1-hour chart

Earlier technical indicator RSI has formed a bullish flag is a figure, indicating the possible continuation of the uptrend. Today the channel of the bull flag was broken up, so soon a asset can jump to the line 6715 dollars.

A break above this level will raise the expectations of the market players to the new goal of $ 7,500.

The 4-hour chart

Today Bitcoin slightly pushed the upper boundary of the descending channel, which confirms the bullish scenario. Recall that the lower boundary of the channel formed after removal of the asset below $ 8507.

Bitcoin also found support at the 50-candle moving average (MA) and moves on to testing the 100 MA candle, which now lies at the level of $ 6725.

Daily chart

The 5-day MA line starts to go up to the intersection of the 10-day MA. This is a positive sign for the local uptrend.

Last week the Bitcoin price failed to break key support level to drop below 5800 dollars.

Summary

  • The next resistance is the neck line of the figure “inverted head and shoulders” at 6715 dollars. A break above this line will mark the beginning of a local uptrend.
  • A fall below $ 6,200 will cancel the bullish scenario and the possible reduction up to new support levels.

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