1. Bitcoin has the potential to correct to $6,500 as long as the technicals remain intact. 2. Bulls are eyeing the next major barrier to tackle, seen up at around $6500-800, ahead of $7000. 3. BTC/USD breached the $6,000 level for the first time since 14th November 2018. 4. The price went up from $5,940 to $6,050. 5. On the upside, further resistance levels lie between $6,250 and $6,500
Bitcoin price upside immediately capped at $5,890.67 with the second barrier at $5,951.62 and the third hurdle at $6,012.57. Overcoming the sellers’ congestion at these levels could open the door for more movement to the upside that would eventually hit $6,300 and $6,500. As far as support is concerned, BTC/USD is initially supported at $5,82973. This is strong support as displayed by the confluence detector tool. However, if bear pressure increased and Bitcoin tanks further, $5,646.89 and $5,524.99 will come in handy to stop the losses. Otherwise, sliding below this level could spark more losses with minor support areas in place to halt the trend at $5,403.10 and $5,281.21
Technical View: ============== Daily SMA100 4310.85 Daily SMA200 4476.82 Previous Weekly High 5795.47 Previous Weekly Low 5073.04 Previous Monthly High 5632.53 Previous Monthly Low 4052.2 Daily Fibonacci 38.2% 5861.49 Daily Fibonacci 61.8% 5794.85 Daily Pivot Point S1 5631.96 Daily Pivot Point S2 5518.31 Daily Pivot Point S3 5349.62 Daily Pivot Point R1 5914.29 Daily Pivot Point R2 6082.98 Daily Pivot Point R3 6196.63