The flat period, which lasted for a couple of weeks, came to an end. This morning Bitcoin managed to break through two levels of resistance on the lines of 5400 and 5600 dollars. Asset trading is gaining momentum, with many trading indicators indicating a strong influx of buyers. If the bullish dynamics continues, we can expect to test the lines of 5800 and 6000 dollars in the near future.
The General situation is as follows:
Bitcoin has set a new price high this year;
on the 1-hour chart, an uptrend is formed with the nearest point of contact with the chart in the area of 5360 dollars;
testing the level of $ 6,000 may take place by the end of this week.
Now Bitcoin is trading at the level of 5565 dollars. Over the past day, the main cryptocurrency has grown by 4.2 percent.
After a short-term correction, the BTC price found support in the area of 5200 dollars, where the bulls managed to form a good base for a new leap up. After some time, a stable growth began, during which Bitcoin broke above the resistance on the $ 5300 line. Positive dynamics in the market was a signal to open long positions, so buyers soon became interested in BTC/USD pair.
Finally, today Bitcoin has managed to break even above $ 5,600 and set a new annual high at $ 5,641. Then the rollback began, and the cryptocurrency again fell below 5600 dollars. The chart also shows a clear failure below the level of 0.236 Fibonacci, laid on the wave of growth from 5360 to 5641 dollar.
If the fall continues, we advise you to pay attention to the level of 0.764 Fibonacci, which now coincides with the line of 5420 dollars. So far it is the best point to enter the market.
Technical indicators point to the continuation of the rally — MACD line is still in the bullish zone, and RSI has not yet reached the overbought phase.