On hourly chart, 30 March after hitting the recent lowest price at $5856 the Bitcoin moved up by 13% in less than 24 hours. And now the candlesticks are being consolidated at this level and likely to form a bull flag at this level. So far the price action of BTC has been retraced between 0.382 to 0.50 Fibonacci retracement level.
SMAs and support:
In the meanwhile the Bitcoin has found the short term support at $6290 and moving above this support. Moreover candlesticks have also broke out the 100 simple moving average and now this 100 SMA is also another short term support for BTC, Now Bitcoin is likely to sustain this level. Now we need the closing above 200 simple moving average and at this time the 200 SMA is at $6454. Once the price action will be closed above this level then we can witness further upward move.
We need this move or breakout:
On the same hourly chart the priceline is moving in a wedge since 20 March 2020 and at this time the BTC is at the center of this wedge. There are more chances to have a break out rather to break down down. At this time the resistance of the wedge is at $6800 and in order to break out this resistance we need the clothing of of Bitcoin above 200 simple moving average. Once the price action will break out the two hundred simple moving average then further it can move more up to make another attempt to break out the resistance of the wedge. And after breaking out the resistance we can expect another bullish move for next bull flag formation.
But in case of breakdown the support of wedge the Bitcoin may again retest the support of wedge at $5800.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.