After devastating week in which Bitcoin lost 56% from its value, the leading cruyptocurrency shows signs of relief.
4H charts shows an ascending triangle formation, from which the price is trying to break out. Break of the triangle apex around $6000 would affect the price with a positive impulse up. Price action is showing bullish sentiment making higher lows. Price is currently holding above 50 MA.
4H RSI is trying to break from the downslopping resistance. In most cases with this asset, price is following this indicator breakouts, so a safer bet would be an entry after confirmation.
We can see a clean horizontal resistances on the daily chart around $6385 – 382 Fib on the bearish trend and also historical support/resistance level for Bitcoin.
Break of this level, we can expect price to reach $7950-8000.
Junior Trader Radi Djuma