Analysis: Bitcoin shows strength – but the resistance around $6,000 is strong

Analysis: Bitcoin shows strength – but the resistance around $6,000 is strong.

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ANALYSIS. The bitcoin price has shown strength in the last 24 hours. Today, the price of a bitcoin rose to over $5,500 for the first time in five months. Dennis Sahlström, technical analyst, analyzes what this can mean for the price going forward.

Bitcoin pushed through the resistance around $5,350 and is currently trading around $5,570. The question many ask themselves is, of course, what this means.

I think the price will rise to around $6,000 where a strong resistance rests and that we will see a decline from that area.

The sellers came back

Another option is that we see a decline from the top of the “supply/demand” area (the green area in the picture below), and it looks like the sellers actually came back just at the top of the zone.

Bitcoin/usd chart view set on days.

Bitcoin/usd chart view set on days. Image source: Tradingview.com

In future updates, I will be analyzing from a longterm perspective.

Dennis Sahlström technical analysis of cryptocurrencies.

Dennis Sahlström has been trading with securities since 2012 and with cryptocurrencies since 2017. Now, he runs an education platform about investment strategies for cryptocurrencies. For those of you who want to learn more, Dennis holds a webinar on April 25 at 8 pm.

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