Tuesday, May 7, 2019
After being traded sideways for a few days, the price finally broke through the $5'800 resistance to hit $6'000, the key level.
Actual support/resistance: $5'800/$6'000
After being traded sideways for a few days, the price finally broke through the $5'800 resistance to hit the $6'000, the key resistance. This level had not been reached since November 2018. Bitcoin has finally reached its zone of highest resistance between $6'000 and $6'500. It is very likely that this area will not be crossed immediately and it is possible that a correction will be found if the buying pressure is not sufficient. However, the technical indicators are in green with diverging MACD lines and an overbought RSI(14). The market is close to the 200 billion of dollars in terms of market capitalization thanks to, in addition to bitcoin, a performance of nearly +10% for Ethereum.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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