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Bitcoin(BTC) Price Forecast – Bulls have become more powerful – Is $6,000 the next Step?

After going through the roller coaster ride the largest digital currency Bitcoin is recovering. The experts are predicting what the next value will bitcoin going to achieve. The people who follow the virtual currencies every move will definitely going to remember April 23, when the Bitcoin’s value gained $200 just in time of 2 hours. The coin even achieved $5,650 but then got back to the $5,550 figure.

Over the period of the previous month, the changes in the prices of the biggest virtual currency have got a high of around 200%, and the prices are still increasing. One of the stimulants of the increase can be reports published about Amazon is going to begin selling products for virtual currencies such as Bitcoin, Litecoin and Ethereum.

Let’s rush into the technical analysis of Bitcoin to know how growth like this can impact BTC’s price.

The 1-hour chart displays that the strong increasing trend was followed by an expansion in trading volumes. Recently, “digital gold” is trending in the sector of $5,540-$5,550, which is relative to the values of last year’s mid-November.

The next important step is $5,600, nonetheless, purchasers are not possible to gain it so quickly, as the RSI signal is situated in the over-purchased section.

And now the review of the 4-hour chart to well understands the long-period possibilities of the coin.

If implying the Fibonacci Reiterate to the graph, this shows that Bitcoin is over-purchased even in the long period. In a way to the biggest virtual currency to continue its nice development, one should come back to the green sector (61.8%).

On the other side, the MACD signal displays that the movement is exactly bullish and achieving new heights will occur definitely.

“Our data is limited,” mentioned Mr. Anderson. “However, every time we have seen SHORTS hit a 70-plus RSI on the daily scale, BEARS got cooked. We are not there yet, but BEARS should be quite careful.”

About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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