RATE Group | Going Up? Bitcoin Price Sets Sights on New Resistance
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Going Up? Bitcoin Price Sets Sights on New Resistance

31 May Going Up? Bitcoin Price Sets Sights on New Resistance

Posted at 13:29h in Bitcoin News by

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Bitcoin (BTC) is working its way through the key supply zone above $7,500 and could test resistance at $7,870 in the next 24 hours, the technical charts indicate.

The cryptocurrency looked primed for a corrective rally yesterday, having created a bullish outside-day candle on Tuesday. However, the bulls had a tough time absorbing supply around 50-candle moving average (MA) on the 4-hour chart, located yesterday at $7,550.

The repeated failure to beat the moving average hurdle ended in a downside break of the diamond pattern. The subsequent sell-off ran out of steam at $7,270, and led to a convincing move above the 50-candle MA, seen today at $7,441.

As of writing, BTC is changing hands at $7,535 on Bitfinex, up 0.6 percent over 24 hours, and looks set to test the falling trendline resistance located at $7,870.

4-hour chart

The recovery from $7,270 to $7,570 has established a higher low (bullish pattern), which adds credence to Tuesday’s bullish outside-day candle and bullish…

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