Bitcoin Price Analysis: BTC/USD flirts with $6,000 level

BTC/USD went up from $5,685 to $5,853 this Tuesday, charting a 3% rise in price. Currently, the bulls are negotiating hard with the $6,000 resistance level. Technical analysis shows that the market may gain enough upward momentum to breach past these levels.

BTC/USD Daily Chart

• On the upside, the resistance levels lie at $6,000, $6,150, and $6,215.
• On the downside, the support levels are at $5,650, $5,500, and $5,445.
• The market found support on the upward trending line.
• BTC/USD is above the SMA 200, SMA 50, and SMA 20 curves.
• The signal line is diverging away from the MACD line showing stronger bullish momentum.
• The Relative Strength Index (RSI) indicator is trending in the overbought zone. 
• The Elliot Wave Oscillator shows six consecutive bullish sessions with increasing intensity.