Bitcoin continues to trade above $6k and $6.5k for the 5th day now, and we are likely to draw a week full of bullish crossover if it does not nosedive any sooner. However, even if BTC maintains a winning streak, it is drawing a controversial picture overall. In less than 30 days, the coin has exhibited two extremities viz., bottoming out at $3.8k just to toll at $6.9k amidst the global crisis breakout.
Now, if we look into the positive extremity of the hourly BTC price trend, we see that the candlestick is forming a Cup and Handle, which is pointing towards a bullish trend ahead. If we abide by the above movement of Bitcoin, it is likely to draw a fine uptrend and retreat above the major resistance at $7k. Now, holding on the negative extremity that we had pointed out just yesterday, where the coin has already experienced a “death crossover,” which means that a dip below $6k and $5.5k will be no surprise.
These complex crossovers have been topped with the ongoing global crisis where the world seems to be falling apart due to the Coronavirus outbreak and “Cash is the King” for the investors, which is leading to massive sell-off.
Well, if we take into consideration the intraday movement of the coin, we see that Bitcoin has been quite flattish with an intermittent rise around $6.9k in yesterday’s trading session, with volatility at bay. Therefore, $7k holds to be the strong resistance price with strong support at $6.5k and $6.3k. However, the coin is lacking support from the 50-day and 200-day moving averages on the intraday chart.
The technical appear moderate volatile as the RSI lies at 44.24, and the MACD of BTC appears finely bearish as the signal line crosses above the MACD line.