- Bitcoin battles to stay above $6,000 after momentum lost steam under $6,100.
- Bitcoin could see another surge in the next 24 hours according to a crypto analyst on Twitter.
Bitcoin price has started setting new limits and breaking them within a very short time. Within seven days the largest digital asset has formed new 2019 highs and broken them all over again while trending to higher levels. The recent break above $6,000 was not a surprise to the ardent follower of Bitcoin as it had been predicted to hit the same level at the beginning of the surge in April.
The 4-hour chart shows Bitcoin battling to stay above $6,000. The retracement comes after BTC/USD hit a high of $6,097 during the Asian session on Thursday. Fortunately, the price is supported by strong positive levels. The RSI is holding tight in the oversold while the MACD is sitting comfortably in the positive territory. Bitcoin is trading above the EMA200 to show that it is in a bullish zone and could trend even higher.
A popular crypto analyst on Twitter referred to as Galaxy has come out saying that Bitcoin is going to experience a huge surge in the next 24-hours. Galaxy has over 50,000 followers on Twitter wrote:
“Probably less than 48 hours to buy altcoins at a discount. Green line breaks up and it's showtime.”
Most analysts are preferring to stay off predictions following a series of unrealistic forecasts that failed to materialize since last year.
Moving to the confluence detector Bitcoin has very minor hurdles to the upside. Therefore, a small breakout to the upside, especially above $6,100, will open the door for yet another surge just as the analyst predicts. The initial hurdle rests at $5,994.38, the second at $6,119.71 and the third at $6,621.05.
On the downside, Bitcoin has a series of strong support levels. This means that the crypto is inclined to correct higher as opposed to correcting lower in the short-term. The first support is seen at $5,931.71 while the second strongest support is $5,681.04 and third significant support is at $5,555.71.
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