Bitcoin (BTC) may be up slightly at the start of Friday’s session, but it remains to be seen if it can build traction above $6,000. The world’s largest cryptocurrency by market capitalization is now down 37 percent from its May 5th high at $9,996 according to CoinDesk’s Bitcoin Price Index, though it’s rebounded to a crucial support zone at $6,235, according to Bitfinex data.
The figure is notable, as it could be argued bitcoin needs a daily close above the previous low at $6,070 to abort bearish outlook for the coming week. This would provide greater confidence to the market as a whole, and could possibly spark another minor bullish revival seen over the last eight days. And so far in today’s session, it appears a bullish reversal pattern might be playing out.
The inverse head and shoulders pattern as reported by CoinDesk yesterday continues to remain in play. Significant resistance awaits at $6,400, $6900, $7,021 and $8,046. The Relative Strength Index (RSI) on the daily so far offers some solace to back the current H&S reversal which is currently bouncing from the 41.8 point line, previously seen as resistance.
RSI has yet to dip significantly – adding room for further upward momentum.
Bulls would like acceptance above $6,400 to abort short-term bearish perspective.
This week, we’re tracking the US Dollar’s powerful climb following Trump's victory, hitting a crucial…
Next week, several countries including Canada, the UK, and Japan will release their estimates of…
Investors have been selling off gold, with this week's drop being the largest in three…
The Hang Seng Index has fallen 20% from its peak, marking the start of a…
The S&P500 reached the 6000 mark but faced resistance due to fatigue and dollar appreciation.…
The crypto market has continued to cool down for the third day, with a 1.7%…
This website uses cookies