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Bitcoin price analysis: BTC/USD grinding higher towards Andrew's pitchfork upper line

  • Bitcoin stays above $6,200, which is positive in the short-term.
  • Major resistance at $6,400 looms large.
Bitcoin price analysis: BTC/USD grinding higher towards Andrew's pitchfork upper line
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin is changing hands at $6,232, 1.5% higher on daily basis and unchanged since the start of the day. The coin is grinding higher within the upside from Sunday's low, approaching to technically important levels. However, it is unlikely to show spectacular results without much needed positive news. 

Bitcoin's market cap stays at $105B, while average trading volumes registered at $5.5B. 

Bitcoin technical picture

BTC/USD  climbed above both 50 and 100-SMA (hourly chart), which is a positive sign in the short-term timeframe. However, the price needs to get above the resistance line created by Andrew's pitchfork, currently seated at $6,400 to continue growing. This breakthrough will improve technical picture and stimulate extended upside correction.  On the downside, a movement below $6,115 (50-SMA) will expose $6,600 and $5,777, which is Sunday's low.

BTC/USD, hourly chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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