View Bitcoin's quick recovery from levels below the former resistance-turned-support of $5,627 seen on Monday, coupled with a break above the stiff resistance at $5,780 seen today, indicate fairly strong bullish sentiment.
Bitcoin continues to gain altitude in line with the recent bullish developments on the technical charts and could soon rise above the psychological resistance of $6,000.
Bullish sentiment is evidently strong, as evidenced by bitcoin's quick recovery from the break below the former resistance-turned-support of $5,627 on Monday.
As a result, the cryptocurrency looks set to break above $6,000, as suggested by April's bullish close above the crucial 21-month exponential moving average.
The rally, confirming a long-term bearish-to-bullish trend change in the weeks, comes in the lead up to Blockchain Week NYC and CoinDesk's Consensus 2019 event, which is set to take place May 13-15 at the New York Hilton Midtown.
BTC is trading well above the crucial resistance of $5,780 on the daily chart.
It's worth noting that the cryptocurrency has failed three times in the last four trading days to secure a UTC close above that level.
The case for a sustained rise to $6,200 and above would strengthen if the price closes today above $5,780.
On the 3-day chart, volume bars have consistently printed lower highs, contradicting the higher lows and higher highs on price.
Bitcoin image via Shutterstock; charts by Trading View.
Bitcoin Price Eyes Break Above $6,000 Ahead of New York Blockchain Week
gepubliceerd op May 7, 2019
by Coindesk | gepubliceerd op Coinage
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