Bitcoin Price Analysis: BTC/USD breaks past $6,100 level
- Bulls remain strong despite bearish correction.
- BTC/USD is trading above $6,100 for the first time since 14th November 2018.
BTC/USD went up from $5,945 to $6,165 this Thursday. The bulls had a promising start as they pushed the price from $5,945 to $6,059 during an eight-hour period. During the next eight-hour period, the bears stepped into the market to correct the price. During this period, the price went down from $6,059 to $5,998.75. The bulls, however, regained control and managed to chart new highs. They were able to push the price from $5,998.75 to $6,165.
BTC/USD 4-Hour Chart
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- The market is trending above the 200-day simple moving average (SMA 200), SMA 50, and SMA 20 curves.
- The relative strength index (RSI) curve has currently crept into the overbought zone.
- The Eliiot wave oscillator has had eight consecutive bullish sessions.
- The signal line was about to converge with the MACD line before it diverged away, indicating more bullish momentum.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
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