Bitcoin Analysis: Trading Above Major Support & Below Major Resistance

Bitcoin is currently bouncing on top of what was resistance at $5,600, which is now a very relevant support. It’s also huddled just below major resistance at $5,800. A decisive break above or below either would be significant…at least in the short term. Price is trading within an ascending broadening wedge. Statistically, this breaks down about 52-55% of the time. Regardless, bulls have a good shot at testing $6,000. Daily volume remains relatively healthy at around $15 billion.

Price is still trading above the 21 and 8 day EMA. This is a sign of strength…at least in the short term.

Shorts continue

About the author: Workin 2005

Crypto: Hated by governments, banks and dictators. Loved by all those who believe in true freedom. Retired airline pilot...full time crypto enthusiast. #Freedom