After rallying up to the $6500 level, Bitcoin [BTC] is seeing uncertainty at the mark. It has been holding the level, which seems like a very important one considering the prevalent trends in the market currently.
The $6690 – $6530 and $6530 – $6500 trends are currently acting as a resistance to the price at the $6500 mark. However, the strong $6350 – $6450 uptrend is looking to contest this resistance.
The SAR indicator is flashing a bullish sign, with the momentum moving upwards as seen by the dots on the bottom of the candlesticks.
The AO is slightly bearish, but it looks to pullback over the 0 mark.
The EMA is providing a resistance at $6495.
Prevalent trend lines continue to indicate a price movement set to occur soon. The EMA is providing a resistance at the $6500 mark yet again.
The price is in the green zone between the 1st SD Bollinger Band and the 2nd SD Bollinger Bands. This provides a good mix of momentum and volatility for the coins next movement.
The Chaikin Money Flow indicator is on the positive side, representing a change in the market from selling to buying. This is generally seen as a bullish sign.
The $6360 – $6460 uptrend is contesting the $7005 – $6710 – $6530 downtrend. The 20-period DEMA is at $6481 and is providing support for the price.
The MACD is moving up, with the histogram on the cusp of transitioning to the positive side.
The $8390 – $7360 – $6710 long-term downtrend can be broken by a movement upwards, which can be achieved by the $6250 – $6460 trendline. The EMA is providing resistance at the $6540 mark.
RSI is resting in the middle and is neither overbought or oversold.
The KVO is also neutral but is seeing a slight bullish movement.
If Bitcoin can continue with the gain of buying momentum that it has had since its recent hike, the $6500 level might be broken. Other resistances to look for are at $6700, $6900 and $7000 mark.
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