Bitcoin (BTC) Price Analysis: Still Aiming Higher!

Bitcoin is still gaining traction on its bounce and breakout from a short-term falling wedge pattern. This could put it on track for a major pullback on its longer-term slide, possibly even starting a reversal.

Applying the Fibonacci retracement tool on the latest swing high and low shows that the 61.8% level lines up with a former support around $6,000 to $6,100. This is also in line with the 200 SMA dynamic inflection point, which might be the line in the sand for a pullback. The 100 SMA is close to the 38.2% Fib at the $5,000 major psychological mark.

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. This also suggests that any of the Fib levels could keep gains in check, especially since the gap between the moving averages is widening to reflect increased selling pressure.

RSI is heading north to show that buyers are still in control. The oscillator…