RATE Group | Here’s Why Bitcoin Bears Must Wait for $6K Considering A Correction Is Due
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Here’s Why Bitcoin Bears Must Wait for $6K Considering A Correction Is Due

18 Mar Here’s Why Bitcoin Bears Must Wait for $6K Considering A Correction Is Due

Posted at 08:53h in Bitcoin News by

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Bitcoin is showing signs of a decent recovery above $5,000 against the US Dollar. BTC price could recover further towards the $6,000 resistance, where the bears are likely to take a stand.

  • Bitcoin is slowly rising and it is trading nicely above $5,200 against the US Dollar.
  • A break above $5,600 is likely to lead the price towards the $6,000 resistance.
  • There is a short term contracting triangle forming with resistance near $5,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could test the $6,000 resistance area, which is a major hurdle for more upsides.

Bitcoin Could Test and Fail Near $6,000

After a short term downside correction, bitcoin found support near the $4,350 area against the US Dollar. BTC price recovered in the past few sessions and climbed back above the $5,000 resistance level.

The recent recovery was positive since the price was able to clear the 50% Fib retracement level of the key drop from the $6,000 swing high to $4,333 low. The bulls were…

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