- The prevailing trend is slightly bearish but Bitcoin is supported by the 50 SMA 15-minutes.
- Kelly suggests that the next level Bitcoin is focusing on is $6,000.
BTC/USD is in the middle of consolidation following the sudden surge yesterday. Bitcoin went ballistic adding more than $900 in less than 24 hours. However, the bulls failed to sustain the growth towards $5,100 resulting in a retracement. The downside found balance below $4,700 before the bulls pushed for gains where BTC/USD approached $5,100 on Wednesday.
The 15-minutes chart shows Bitcoin trading at $4,937 following another correction from the intraday high at $5,093.34. The prevailing trend is slightly bearish but Bitcoin is supported by the 50 SMA 15-minutes. The next support target is observed at $4,900 while the 100 SMA 15-minutes will provide additional support at $4,841.67. If a reversal occurs below yesterday’s support at $4,700 Bitcoin could extend the losses towards the former resistance at $4,200.
Meanwhile, Brian Kelly CNBC’s contributor has expressed his positive sentiments towards Bitcoin. Kelly suggests that the next level Bitcoin is focusing on is $6,000. The gains are expected after Bitcoin broke past the key level at $4,200. The break above $6,000 will place Bitcoin at the level of November 2018. According to Brian Kelly:
“All indications that we have “” whether it be fundamentals, technicals, the quantitative analysis we do “” all suggest that we probably have at least started to put in the bottoming process. [“¦] What’s interesting about this move is it’s happening on improving fundamentals and improving institutional sentiment.”
BTC/USD 15-minutes chart
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