Bitcoin Technical Analysis: BTC/USD breaks past $6,000

BTC/USD Daily Chart

• BTC/USD breached the $6,000 level for the first time since 14th November 2018.
• The price went up from $5,940 to $6,050.
• The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
• On the upside, further resistance levels lie between $6,250 and $6,500.
• The relative strength index (RSI) curve has crept into the overbought zone.

BTC/USD 4-Hour Chart

• The 4-hour market has breached past the upper curve of the 20-day Bollinger band.
• The widening of the mouth of the band shows increased volatility.
• The 4-hour market is trending above SMA 200, SMA 50, and SMA 20 as well.
• The signal line is diverging away from the MACD line indicating increasing bullish momentum.

BTC/USD Hourly Chart

• The Elliot Wave Oscillator has had 17 straight bullish sessions.
• 22 out of the last 23 sessions in the Elliot wave were bullish.
• The Ichimoku indicator is currently showing bullish sentiment but shows that a bearish correction may be happening soon.

Key Levels