{"id":41884,"date":"2019-05-10T07:00:11","date_gmt":"2019-05-10T05:00:11","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=41884"},"modified":"2020-02-19T01:57:12","modified_gmt":"2020-02-18T23:57:12","slug":"all-eyes-6400-bitcoin-taps-6100-clear-uptrend","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/all-eyes-6400-bitcoin-taps-6100-clear-uptrend\/","title":{"rendered":"All Eyes On $6,400: Bitcoin (BTC) Taps $6,100 In Clear Uptrend"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Bitcoin Gives No Regard To Binance Hack<\/strong><\/h2>\n\n\n\n<p>Despite the news&nbsp;<a href=\"https:\/\/ethereumworldnews.com\/bitcoin-plunges-to-5700-as-binance-loses-700-btc-in-hack-crypto-in-shock\/\">regarding the Binance hack<\/a>, Bitcoin (BTC) is purportedly still looking like a buyable asset. In the past 24 hours, BTC is up by 2.1% according to data from CoinMarketCap. Altcoins, on the other hand, have been slammed, with most notable coins\/tokens losing 2% or more, leading Bitcoin dominance figures to 2019 highs at 58%. While some have seen this as a bearish sign, some are convinced BTC remains in a clear uptrend.<\/p>\n\n\n\n<p>Popular analyst The Crypto Monk notes that &#8220;Bitcoin is still in a strong uptrend&#8221;, seemingly citing the fact BTC hasn&#8217;t pulled back after its rally past $6,000, which acted as a level of utmost importance for much of 2018. <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">More than half of my feed is still about shorting <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">$BTC<\/a> in a strong uptrend. <br>$6.4k here we go. <a href=\"https:\/\/t.co\/qj95XvYZZH\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/qj95XvYZZH<\/a><\/p>&mdash; The Crypto Monk \u26e9\ufe0f (@thecryptomonk) <a href=\"https:\/\/twitter.com\/thecryptomonk\/status\/1126601727631872001?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">May 9, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>From a technical standpoint, the cryptocurrency&#8217;s prospects are looking swell. Per <a href=\"https:\/\/ethereumworldnews.com\/analyst-expects-bitcoin-bullish-continuation-btc-taps-6000\/\">previous reports<\/a> from Ethereum World News, analyst Crypto Thies notes that there are four factors on Bitcoin\u2019s short-term chart that are currently signaling that BTC could continue higher.<\/p>\n\n\n\n<p>Firstly, there has been a \u201cslight bullish expansion\u201d on the one-day, which suggests an increase in volatility, marked by surging trading activity, and a potential for the cryptocurrency to see \u201ccontinuation to the upside\u201d.<\/p>\n\n\n\n<p>Next, Thies\u2019 proprietary trend indicator, dubbed \u201cMarket God\u201d, has issued a \u201cbuy signal\u201d on the three-day Bitcoin chart, which last occurred when BTC was trading at $4,000 in late-March, prior to April\u2019s monumental month.<\/p>\n\n\n\n<p>Thirdly, BTC has broken above its Keltner channels and logarithmic Bollinger Bands, which define approximate trading ranges for an asset, hinting that the cryptocurrency is clearly in a bullish uptrend.<\/p>\n\n\n\n<p>And lastly, the three-day Relative Strength Index (RSI) has broken out of 2018\u2019s range, which, according to Thies, is a sign that bears have lost control of the cryptocurrency wheel. What\u2019s more, the current RSI reading is \u201cknocking on the Priceline door for Q4 2017.\u201d For those unaware what the analyst is referring to, three-day RSI readings of above 80 have only been seen in bull markets. Case in point, when BTC tried to break past $300 after a massive drawdown in 2014 and 2015, the reading failed to move past 80, and only did so months later.<\/p>\n\n\n\n<p>More mainstream analysts, like Fundstrat&#8217;s Rob Sluymer, are also bullish. In a research note released just recently, the Fundstrat Global Advisors chartist wrote that &#8220;Bitcoin\u2019s long-term technical profiles continue to point to a new up cycle,\u201d&nbsp;looking to the fact that BTC continues to trade far above its 200-day moving average. This comes just days after he <a href=\"https:\/\/ethereumworldnews.com\/fundstrat-analyst-time-buy-bitcoin-ongoing-recovery\/\">remarked <\/a>that it would be wise for investors to \u201cuse pending pullbacks,\u201d which may soon arrive as a result of Bitcoin being overbought per some indicators, to \u201caccumulate BTC in the second quarter.\u201d&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>BTC Needs $6,400<\/strong><\/h2>\n\n\n\n<p>It is important to note that it isn&#8217;t exactly smooth sailing from here. Josh Rager explains that BTC remains $300 under &#8220;the most epic resistance&#8221;, $6,400. For those that are not versed in Bitcoin price history, for much of 2018, BTC&#8217;s weekly candles never closed below this level, as this was purportedly the level in which miners would &#8220;break even&#8221;. As the cryptocurrency market took months to collapse below this level, it has been suggested that it make take a similar length of time for BTC to surmount $6,400. <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The most epic <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">$BTC<\/a> resistance awaits<br><br>Don&#39;t think BTC blasts through this area easily, this resistance is bearishly strong<br><br>A flip to support above $6450 would be insanely bullish, IMO if <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">$BTC<\/a> closes above, it won&#39;t be closing back under<br><br>For now, it is a primetime pullback zone <a href=\"https:\/\/t.co\/mL9P2697RE\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/mL9P2697RE<\/a><\/p>&mdash; Josh Rager \ud83d\udcc8 (@Rager) <a href=\"https:\/\/twitter.com\/Rager\/status\/1126329071053438978?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">May 9, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<pre class=\"wp-block-preformatted\">Photo by&nbsp;<a href=\"https:\/\/unsplash.com\/photos\/J2xHOsMNIn0?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\" target=\"_blank\">Tyler Reynolds<\/a>&nbsp;on&nbsp;<a href=\"https:\/\/unsplash.com\/search\/photos\/sunlight?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\" target=\"_blank\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Gives No Regard To Binance Hack Despite the news&nbsp;regarding the Binance hack, Bitcoin (BTC) is purportedly still looking like a buyable asset. In the past 24 hours, BTC is up by 2.1% according to data from CoinMarketCap. Altcoins, on the other hand, have been slammed, with most notable coins\/tokens losing 2% or more, leading Bitcoin dominance figures to 2019 highs at 58%. While some have seen this as a bearish sign, some are convinced BTC remains in a clear [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":41886,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1233,48,83,162,111,270],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/41884"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=41884"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/41884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/41886"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=41884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=41884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=41884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}