Bitcoin Price Analysis - New Resistance Range Between $58k To $60k.
2021-05-06 | Eddy Morgan
The price of the leading cryptocurrency, Bitcoin [
BTC] broke above initial resistance at $56K as buyers
plan to retrace the
14th April sell-off. The subsequent
level of resistance is seen around $60k and
slightly below the all-time high around $62k.
Bitcoin’s short-term trend is improving
as the 100-period moving average on the 4-hour chart is
beginning to slope upward.
The
RSI [Relative Strength Index] on the 4-hour chart
isn't yet overbought, which could keep buyers active towards higher resistance levels.
New support levels are seen around $56k which limited profit during a pullback earlier in April.
Bitcoin has retraced roughly 60% of the 14
th April sell-off and has traded
within a wide selection range between $42k and $64k over the past few months.
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