- Bitcoin price extended gains and traded to a new 2019 high above $6,080 against the US Dollar.
- The price surged higher towards the $6,100 level and it is currently consolidating gains.
- There was a break above a connecting trend line with resistance at $6,005 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains well supported on the downside, but there are many hurdles near $6,100 and $6,200.
Bitcoin price surging higher with a bullish bias above $6,000 against the US Dollar. BTC could surge towards the $6,200 level before a strong downside correction.
Bitcoin Price Analysis
Yesterday, there was a sharp decline in bitcoin price below $5,900 against the US Dollar due to the Binance exchange security breach. The BTC/USD pair declined below the $5,800 level and the 100 hourly simple moving average. However, the $5,660 level acted as a strong support, resulting in a fresh rise. The price started a strong rise and broke the $5,900 and $5,950 resistance levels. There was even a close above the $5,950 level and the 100 hourly SMA.
During the rise, there was a break above a connecting trend line with resistance at $6,005 on the hourly chart of the BTC/USD pair. The pair climbed above the $6,050 level and traded to a new 2019 high above $6,080. A swing high was formed at $6,096 and the price is currently consolidating gains. An initial support is near $6,020, the broken trend line, and the 23.6% Fib retracement level of the last wave from the $5,810 low to $6,096 high. If there is a break below $6,020 and $6,000, the price may test the $5,950 support zone. It represents a strong support and coincides with the 50% Fib retracement level of the last wave from the $5,810 low to $6,096 high.