Bitcoin Breaks All Major Resistance in Single Attempt What Next?

On May 11, 2019

Bitcoin price continues to rise from the last 4 weeks. Bitcoin is now trading at $6900 ( at the time of writing) and the total market of crypto is now above $200 Billion.

Bitcoin has gained more than 20 percent in the last 30 days and 82 percent over the last 90 days period.

Bitcoin total market is now $120 Billion and the dominance is 59.4 percent and continuously rising. Altcoins are bleeding like hell and lost more than 50 percent of their value in the past 30 days.

In this post, we will discuss the major resistance points and further targets for Bitcoin. The bulls continue to push the price to a new high. Bitcoin has gained 20 percent only in May and more than 50 percent since April 2019.

Bitcoin Technical Analysis

Bitcoin has crossed the 50 MA (weekly) and 100 MA (weekly) that is a very good bullish sign. The 50 weekly MA is turning upward with the price movement and will work as support for now (around $5500).

Bitcoin has broken the long term descending channel and breaks the major psychological resistance of $6000.

Small Technical Overview

50 MA daily Upward
100 MA daily Upward
200 MA daily Upward
50 MA weekly Upward
100 MA weekly downward (price trading above it)
RSI daily 87 (overbought)
RSI weekly 72 (near overbought)

The next resistance, for now, is $7000 and $7400 and the main support, for now, is $6500 and $5500-$5800. The current trend is bullish and will push the price higher. There may be some heavy selling at these but whales are looking hungry and eating everything that comes in the way.

Altcoins continue to dump until the king settles down and move sideways. We will see an altcoin rally soon in the upcoming weeks.

There are many signs that show that the bulls are back like Golden cross, 50 weekly MA upward. One thing is sure the beast is awake ready for the wild ride.

Source: MagicPoopCannon

Also Read: PayPal’s CFO confirms The Firm has no interest in Crypto Sector