A fresh buying impetus emerged in the Asian session on Wednesday. Bitcoin spiked to 6500 and stopped, as the up-move lacked any strong follow-through momentum. The coin started a consolidative phase after that and traded in a tight range between 6500 and 6470. The selling pressure started to grow in the mid-Asian session and the currency softened to 6400 by the morning. The EMA50 and the EMA100 are heading higher, while the EMA200 is neutral. MACD continued growing in the positive area. RSI was holding near overbought readings with no directional strength. The resistance stands at 6500, the support can be found at 6400.
Bitcoin is on strong back footing and seems poised to extend its recovery towards 6600.