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Bitcoin Price Building Relief Rally, But Resistance Hurdles Await

Tuesday, Jun 26 2018
Bitcoin Price Building Relief Rally, But Resistance Hurdles Await

Bitcoin (BTC) narrowly missed scaling a key resistance level on Monday, but remains on the hunt for a corrective rally, the technical studies indicate. The cryptocurrency flashed signs of bearish exhaustion yesterday, having defended the $6,000 mark over the weekend. As discussed, a close (as per UTC) above $6,250 (Doji candle high) yesterday would have likely set the tone for a stronger corrective rally.

While prices did reach a high of $6,341 yesterday, BTC closed (as per UTC) at $6,247. So, technically speaking, the short-term bull doji reversal is yet to be confirmed. However, a rally may still be on the cards, as prices are holding well above the key support of $6,000 (February low) and the indicators have diverged in favor of the bulls. On the other hand, stiff resistance lined up in the $6,400–$6,800 range could complicate the recovery. At press time, BTC is trading at $6,220 on Bitfinex, having clocked a high of $6,281 earlier today.

Source: coindesk.com

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