Bitcoin tries to break the bearish trend and aims for $ 6,500 in the medium term

The price of bitcoin has been on the rise since the first days of February 2019, when it produced a rebound. Although in this rise the volumes of operations are low and do not accompany it to determine that it is solid, the price has broken the bearish tendency that during a year the cryptocurrency had.

As can be seen in the weekly or medium-term chart, the price has cut the bearish trend line upwards (1), with a bullish reaction that has taken it to the area of ​​5,400 dollars. This means that the bitcoin price fall continues to slow down and send signals of a possible change in trend, of which there are still elements to be confirmed.

The MACD indicator is located in the zone of "staying short" (2), but with an upward trend that has been sustained in the last twelve weeks and that confirmed in coming weeks the change in trend, could be located in the area of "stay long".

The relative strength indicator, RSI, has crossed the index of 50% upwards (3), which is a purchase signal, which must be validated with the previous aspects. In the medium term, bitcoin has left the oversold zone, but offers more space to continue rising.

The resistance in the medium-term chart stands at $ 5,871, which due to low volumes (4) of operations could reject the price to the downside, to return to the area of ​​$ 4,550. Movement that supports the formation of a new trend or change that has been slowing down.

Fibonacci

When applying the Fibonaci retracement tool, the bitcoin price, in the context of the current price bounce that is taking place, could be located in the area of ​​6,890 (5) dollars in next weeks, when reaching the 23.6% mark of this tool.

Date of the forecast: April 27, 2019