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Bitcoin short-term analysis: the momentum for the breakthrough is expected



This morning Bitcoin fixed its maximum at the price level of 6,459 US dollars, before embarking on a downward trend.

Bitcoin began to fall to a minimum of $ 6,390, but later made an upward correction, using support at $ 6,400. The upward trend was limited to a Fib rollback level of 61.8% between a maximum of 6,663.69 dollars and a minimum of 6 $ 060.88.

At the time of writing, the 4-hour simple moving average (100 SMA) limited profits to $ 6,411, while Bitcoin “danced on the edge of a cliff” (the price was about $ 6,400).

The breakout is expected to break the resistance of the triangle and increase the resistance of the range by $ 6,460. This step will probably allow the bulls to regain control of the price, and also push Bitcoin above the medium-term resistance at $ 6,500.

On the other hand, if sellers increase price control, and Bitcoin, in turn, breaks the support of the triangle, further breakdown will be below the support range at the price level of $ 6,355 (just below 50% of the Fib level). The next support target is $ 6,200, and the key support area is $ 6,100.

And what do you think about this?