RATE Group | Bitcoin price is trending up over the $6,500 mark again
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Bitcoin price is trending up over the $6,500 mark again

15 Sep Bitcoin price is trending up over the $6,500 mark again

Posted at 22:51h in Bitcoin News by

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Friday analysis on CoinDesk

A CoinDesk analysis by Omkar Godpole was updated at 19:45 UTC on Friday. The price hit 8-day highs on Friday morning but then dropped back. There could be a stretch of consolidation before a further trend. The price hit a high of $6,596 earlier Friday before dropping back. This was the highest level since September 6. The high added credibility to the short-term bullish reversal indicated by the symmetrical triangle breakout earlier in the week.

Even though the bullish case was strengthening BTC dropped about $200 quickly. As the article went to press, BTC was trading at $6,450 up from the intraday low of $6,355. The sudden drop might lead investors to question whether the corrective rally is sustainable but charts show the path of least resistance is still upward.

Chart analysis

BTC’s retreat from the highs near $6,600 is likely associated with the bearish divergence of the relative strength index (RSI) evident in the daily chart. The RSI…

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