After the unusual behavior Bitcoin had gone through (going down to $6100 and skyrocketing to $6550 in 1.5 hours), we received a crypto rally over the past day. The rally was led by Ripple, surging almost 100% to surpass Ethereum, on its way to be the second largest crypto on the market cap table.

Back to Bitcoin: A crypto rally is not possible without Bitcoin joining the party: BTC broke the $6400 mark, after couple of hours inside the range between the two major 50 (yellow line) and 200 (purple line) moving averages, it was enough to break up the $6600 along with the 200 days moving average. The current rally had reached the resistance level at $6800, from there, the last hours carried a correction back to re-test the 200 days MA level.

Now what?

Bitcoin looks good, as long as it keeps above the $6600 mark (MA-200 days).

Next resistance levels lie at $6800 ,$7000 – $7100 (long term descending trend-line), $7200 – $7300.

To declare on end to the long bear market, Bitcoin will need to create a higher low and break up $7300 (the last major high on the weekly chart).

From the bear side, $6600 and $6400 are now resistance-turned support levels. $6470 is also a possible support (50 days moving average).

Looking at the 4 hour chart, the Stochastic RSI indicator is still very high, and crossed down. Market is in its overbought zone.

Trading volume, for the first time after long, carries decent amount of green candles. OBV also indicates that – money is going into the markets.

Bitcoin Prices: BTC/USD BitFinex 4 Hours chart



Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

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