Bitcoin is eyeing change of fortunes above $6,800, having convincingly scaled a key moving average hurdle earlier today.
At press time, BTC is changing hands at a six-day high of $6,600 on Bitfinex – up 3.44 percent on the day.
The cryptocurrency remained bid over the weekend and rose to $6,400 as expected despite low investor participation. For instance, prices rose above $6,300 on Saturday, but trading volumes fell to $2.92 billion, the lowest level since November 7, according to CoinMarketCap.
However, the solid move above the 20-day moving average (MA) resistance of $6,400 seen today is backed by a pick-up in trading volume.
As of writing, 24-hour trading volume stands at $4.64 billion – up more than 50 percent from the 36-week lows seen on Saturday. Thus, rally looks sustainable and could be extended further towards $6,838 (inverse head-and-shoulders neckline resistance).
Daily chart
BTC’s recovery from $6,080 (Thursday’s low) and a rally to $6,600 has created a higher low (bullish setup) on the chart.
The relative strength index (RSI) is also biased toward the bulls (above 50.00).
So, prices look set to test the key resistance at $6,838 (inverse head-and-shoulders neckline resistance). Essentially, BTC is now creating the right shoulders of the inverse head-and-shoulders bullish reversal pattern.
Still, there is merit in being cautious as the cryptocurrency looks overbought as per the short duration charts.
4-hour chart
The relative strength index (RSI) is at the highest level since April 24, meaning the cryptocurrency is at its most overbought in nearly three months.
Hence, a break above $6,838 might remain elusive for another 24-hours or could be short-lived for the time being.
View
- BTC’s corrective rally has gathered pace and prices could rise to $6,838 (neckline resistance) in the next day or two.
- A close (as per UTC) above $6,838 would confirm a short-term bearish-to-bullish trend change and would open the doors to $7,920 (target as per the measured height method).
- Only a daily close (as per UTC) below $6,400 (20-day MA) would kill the odds of BTC rising to $6,838.
- A break below $5,755 (June 24 low) would revive the bearish view.
Edit (12:00 UTC, July 16, 2018): This article was updated to reflect a sudden rise in prices soon after initial publication.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Bitcoin logo cryptocurrency via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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