Bitcoin price is surging higher and recently traded above $5800 against the US Dollar. BTC/USD might soon gain momentum to challenge $6000.
- Bitcoin price gained heavy bids recently and spiked to a new all-time higher above $5800 against the US Dollar.
- There is a short-term contracting triangle forming with support at $5500 on the hourly chart of BTC/USD.
- As long as the pair is above $5350, it could surpass all sell offers near $6000.
Bitcoin Price Analysis and BTC/USD Forecast
It turned out to be an impressive week for Bitcoin price as it surged above the $5000 handle against the US Dollar. The BTC/USD pair traded to a new all-time at $5855 and is currently consolidating gains.
It corrected lower below the 50% Fibonacci retracement level of the last wave from the $5210 low to $5855 high. However, the downside correction wave found support near $5450 and the price is currently recovering.
The price was rejected from the 61.8% % Fibonacci retracement level of the last wave from the $5210 low to $5855 high. Therefore, there is a chance that the price might resume its uptrend above the 5700 level in the near term.
At the moment, there is a short-term contracting triangle forming with support at $5500 on the hourly chart of BTC/USD.
The triangle resistance is near $5700-20. A successful close above the mentioned $5720 resistance would set the pace for at least a test of $5855.
Should there be a break above $5855, the price would easily climb towards $6000. The hourly RSI is at 62 and is showing positive signs, which means BTC/USD remains in the bullish zone above $5400.
Buying as long as the price is above $5400-5350 can be considered, but with a stop on a close below the $5300 level. Alternatively, a close above $5720 could also trigger a solid rally. The overall trend remains bullish for further gains in the near term.
Trade safe traders and enjoy the ride!!!
Chart Courtesy: Trading View