View Bitcoin is looking north, having closed above the 21-month exponential moving average on April 30.
Forcing a quick rally to $6,000 may be difficult for the bulls, as a number of key resistance levels are lined up in the $5,400-$5,900 range.
The short-term outlook will remain bullish as long as the price is holding above the 30-day MA at $5,199.
Bitcoin risks falling back to that level in the next 24-hours, according to the short duration charts.
Bitcoin is on the offensive, having defended key support, but a rally to $6,000 faces a number of resistance hurdles lined up in the $5,400-$5,900 range.
BTC again bounced up from the crucial 30-day moving average resistance on April 30 and is currently trading at $5,350 on Bitstamp.
BTC closed last month above the former support-turned-resistance of the 21-month exponential moving averages, solidifying the long-term bullish breakout, as discussed yesterday.
While the outlook is indeed bullish, a sharp rally to $6,000 may not be so smooth with the following levels possibly offering stiff resistance.
Bitcoin could face stiff resistance at $5,780, the level at which BTC's sell-off from May 2018 highs near $10,000 bottomed out at the end of June.
A bounce from $5,780 was followed by a more than 40 percent rally to $8,500 by July 24, further highlighting the importance of the price level.
Three Price Hurdles That Could Complicate a Bitcoin Rally to $6,000
gepubliceerd op May 2, 2019
by Coindesk | gepubliceerd op Coinage
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