Unlike its other big counterparts, Bitcoin is showing the best performance so far this week. Ethereum is trying to keep up with Bitcoin and Ripple is on a very slow grind higher. From the technical side, BTC/USD is still above its steep short-term tentative upside support line taken from the low of March 27th. In addition to that, the crypto managed to form a new higher high, by breaking above the 5600 barrier. Such a move may attract more buyers, as it is now opening the door to a possible move further up. As long as the price stays above the 5600 area and above the previously-mentioned upside line, we will continue targeting higher levels.
A further move higher, away from the 5600 barrier, could drag Bitcoin to the 6050 hurdle, marked by the low of October 11th. Slightly above it, there is another potential resistance zone that could be tested as well and that is the 6190 mark, which is the low of October 29th and 31st. We may see the price stalling around there, or even making its way back a down for a small retracement. If the crypto struggles to get back below the 5600 hurdle, the buyers might take this as an opportunity to step in and drive Bitcoin in the upwards direction again. If this time the 6050 zone, or the 6190 obstacle fail to withstand the bull-pressure, a break above the last could open the horizon of higher resistance levels, one of which could be at the 6500 area, marked near the high of November 8th.
Alternatively, if the aforementioned steep upside line fails to withhold, a break below it could drag the price lower to test the 5280 support zone, marked by the intraday swing high of April 26th. But a further slide below that zone could lead the price to the 4940 support zone, which, from the beginning of April, held the price from closing below it. Even if Bitcoin rebounds but finds it difficult to get back above that steep upside line, the bears might step in again and push the crypto back down. This move could eventually help BTC/USD to bypass the 4940 obstacle and aim for the 4640 area, marked by the low of November 19th and the high of November 21st.
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