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Welcome Back to $6k Bitcoin!

Bitcoin (BTC) has continued its uptrend. It broke above the overhead resistance of $5,900 on May 7 but could not close above it. However, we are not seeing any profit booking or aggressive shorting at this critical resistance. Both the moving averages are trending up and the RSI is in the overbought zone. This increases the probability of a rally to $6,480.54. Traders can trail their stops on the remaining long positions to $5,500. If the price sustains above $6,000, the stops can further be tightened to $5,800.

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