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article imageBitcoin moving up again over the $5,900 level

By Ken Hanly     May 7, 2019 in Technology
Bitcoin (BTC) has risen well above the $5,900 level today and could very well test the $6,000 level in time although it has dropped back somewhat later today but is still above its open 24 hours ago.
Cole Peterson's analysis
In an article earlier today Cole Peterson provides an analysis of bitcoin's price movements. Peterson notes that bitcoin has had a significant upwards momentum over the past 24 hours though it had faced some downward pressure earlier today. The entire crypto market however has not joined in with most major cryptocoins down at least marginally.
At the time Peterson's article went to press bitcoin was up over 3 percent to $5,950. Its 24 hour low had been $5,740. As the price reached near $6,000 it was pushed back down to $5,900. BTC's inability to rise above $6,000 so far may place its upward momentum in jeopardy. The $6,000 mark will likely continue to be a strong resistance level.
Peterson notes that at its current price, BTC is trading at its highest price of 2019 and is up considerably from its 2019 lows of $3,400 set back in mid-February.
Is there a bitcoin bull market on the horizon?
Not surprisingly analysts differ on what will happen in the future. However, some technical indicators are starting to show bullish signals.
Josh Rager, a popular analyst on Twitter notes that BTC's three-day chart is in the process of forming a technical development that was also formed just before the last massive multi-year uptrend bitcoin enjoyed. Rager explained: “$BTC 3-Day Chart Bullish. Last bear market when the 3-Day Bitcoin price crossed above 200 EMA, it held as support & Guppy flipped green followed by a two-year uptrend. $BTC price just crossed above 200 EMA again. Waiting to see if Guppy flips green w/ possible retest of support." The EMA is explained here. Guppy is explained here.
Present situation
24 hours ago BTC opened trading at $5,731. Since then it has hit a high of $5,956 and a low of $5,708. At 19:50 Central Daylight Time bitcoin was trading at $5,788 down considerably from its high but still $57 or just over one percent above its open according to CoinDesk data. CoinDesk numbers are an average of several different exchanges and will differ from data from single exchanges. All but one major crypto coin is down but many just marginally. The present price of BTC and other major cryptocoins can be found here. Perhaps BTC will consolidate by trading sideways for a period before testing the $6,000 level again.
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