On the 4-hour Bitcoin chart, there is a double top reversal figure, which speaks in favor of a correction to the 30-day MA at $ 5294, says Omkar Godboul, an analyst at CoinDesk Markets.
The bottom of three consecutive days. Report by @ godbole17 https://t.co/8e9HTeiI8H
– CoinDesk Markets (@CoinDeskMarkets) May 6, 2019
So, for the first three days in a row, the first cryptocurrency cannot consolidate above the $ 5,780 mark. which is the minimum of June 2018. This means that a steady growth towards a psychological turn of $ 6000 may require a correction. However, a fall below the 30-day MA may provoke a subsequent break through of the $ 5,000 mark in a downward direction.
CoinDesk Markets Information
On Friday, Bitcoin reached $ 5,796, on Saturday – $ 5,846, but he could not gain a foothold on these marks. Double top support figure is located at $ 5510.
On the daily chart, the RSI indicator again formed a bearish dividend, since the subsequent peaks on it were lower than the previous ones, unlike the price chart.
CoinDesk Markets Information
Nevertheless, the bullish pattern is clearly visible on the weekly chart. The RSI indicator rose above 55, and the 5-week and 10-week MA converged at $ 5,386, which can now work as a strong support. Given the fact that the long-term picture favors growth, the proposed correction may be short-lived.
CoinDesk Markets Information
At the time of this writing, bitcoin was trading at $ 5,700.
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