{"id":380887,"date":"2019-05-05T05:00:46","date_gmt":"2019-05-05T05:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=380887"},"modified":"2024-06-11T12:50:01","modified_gmt":"2024-06-11T12:50:01","slug":"bitcoin-btc-price-could-test-6500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-could-test-6500\/","title":{"rendered":"Bitcoin (BTC) Price Could Test $6,500 Before Strong Correction"},"content":{"rendered":"<ul>\n<li>There were heavy gains in bitcoin price above the $5,500 pivot and resistance level against the US Dollar.<\/li>\n<li>The price rallied above the $5,700 and $5,800 resistance before there was a minor downside correction.<\/li>\n<li>There is a key connecting bullish trend line in place with support at $5,610 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is currently in a strong uptrend and it could trade towards the main $6,500 resistance level.<\/li>\n<\/ul>\n<p><em>Bitcoin price gained significantly above the $5,600 level against the US Dollar. BTC is likely to break the $6,000 and $6,250 levels before it could start a substantial downside correction.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, there was a <a href=\"https:\/\/wncen.com\/2019\/05\/03\/bitcoin-btc-price-target-strong-gains\/\" target=\"_blank\" rel=\"noopener noreferrer \">significant upward move<\/a> in bitcoin price above the $5,380 and $5,400 resistances against the US Dollar. The BTC\/USD pair broke the $5,500 pivot and resistance level to move into a bullish zone. The bulls gained traction, resulting in a push above the $5,600 and $5,700 resistance levels. There was a clear break above the 76.4% Fib retracement level of the major drop from the $5,645 high to $4,929 swing low. The price settled well above the $5,600 level and the 100 simple moving average (4-hours).<\/p>\n<p>Finally, the price broke the $5,700 level and the last swing high. A new 2019 high was formed near $5,838 before the price started a downside correction. It seems like the price faced a strong resistance near the $5,820-5,840 zone. It represents the 1.236 Fib extension level of the major drop from the $5,645 high to $4,929 swing low. The price corrected below the $5,700 level, but dips remain well supported (<a href=\"https:\/\/wncen.com\/2019\/05\/04\/bitcoin-btc-price-bulls-dips-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">as discussed yesterday<\/a>). As a result, there was a strong comeback and the price surged back above $5,700 and $5,750.<\/p>\n<p>The price is still trading below the last swing high and resistance near $5,820-5,840. A convincing break above the $5,820-5,840 zone is likely to set the pace for more upsides above $6,000. The price could even break the $6,250 level and trade towards the main hurdles at $6,400 and $6,500. It won\u2019t be easy for the bulls to clear the $6,500 level since it is a major pivot zone and previous support area. Therefore, there are high chances of a major downside correction if the price test $6,400 or $6,500.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-380888\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-5.png?resize=1828%2C868\" alt=\"Bitcoin Price Weekly Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-5.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-5.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-5.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-5.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-5.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-5.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-5.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly placed in a strong uptrend above $5,600. There is also a key connecting bullish trend line in place with support at $5,610 on the same chart. Therefore, dips could still be contained and the price could rally above $6,000.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is about to move back in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is placed well above the 50 and 60 levels.<\/p>\n<p>Major Support Level \u2013 $5,600<\/p>\n<p>Major Resistance Level \u2013 $5,850<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There were heavy gains in bitcoin price above the $5,500 pivot and resistance level against the US Dollar. The price rallied above the $5,700 and $5,800 resistance before there was a minor downside correction. There is a key connecting bullish trend line in place with support at $5,610 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is currently in a strong uptrend and it could trade towards the main $6,500 resistance level. Bitcoin price gained significantly above the $5,600 level against the US Dollar. BTC is likely to break the $6,000 and $6,250 levels before it could start a substantial downside correction. Bitcoin Price Weekly Analysis (BTC) This past week, there was a significant upward move in bitcoin price above the $5,380 and $5,400 resistances against the US Dollar. The BTC\/USD pair broke the $5,500 pivot and resistance level to move into a bullish zone. The bulls gained traction, resulting in a push above the $5,600 and $5,700 resistance levels. There was a clear break above the 76.4% Fib retracement level of the major drop from the $5,645 high to $4,929 swing low. The price settled well above the $5,600 level and the 100 simple moving average (4-hours). Finally, the price broke the $5,700 level and the last swing high. A new 2019 high was formed near $5,838 before the price started a downside correction. It seems like the price faced a strong resistance near the $5,820-5,840 zone. It represents the 1.236 Fib extension level of the major drop from the $5,645 high to $4,929 swing low. The price corrected below the $5,700 level, but dips remain well supported (as discussed yesterday). As a result, there was a strong comeback and the price surged back above $5,700 and $5,750. The price is still trading below the last swing high and resistance near $5,820-5,840. A convincing break above the $5,820-5,840 zone is likely to set the pace for more upsides above $6,000. The price could even break the $6,250 level and trade towards the main hurdles at $6,400 and $6,500. It won\u2019t be easy for the bulls to clear the $6,500 level since it is a major pivot zone and previous support area. Therefore, there are high chances of a major downside correction if the price test $6,400 or $6,500. Looking at the chart, bitcoin price is clearly placed in a strong uptrend above $5,600. There is also a key connecting bullish trend line in place with support at $5,610 on the same chart. Therefore, dips could still be contained and the price could rally above $6,000. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is about to move back in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is placed well above the 50 and 60 levels. Major Support Level \u2013 $5,600 Major Resistance Level \u2013 $5,850<\/p>\n","protected":false},"author":67,"featured_media":380889,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-380887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Could Test $6,500 Before Strong Correction<\/title>\n<meta name=\"description\" content=\"Bitcoin price gained significantly above the $5,600 level against the US Dollar. 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