Bitcoin Price Looks North After Passing $6.4K Resistance

Bitcoin is teasing a decent bullish move, having cleared crucial resistance a few hours ago.

The leading cryptocurrency moved past $6,400 earlier today, signaling that bearish exhaustion - as indicated by Tuesday's spinning bottom candle - is paving way for a corrective rally.

As a result, the stage looks set for an upside move.

Caution is still the name of the game, as the bearish moving averages could work as hurdles and complicate the recovery.

The symmetrical triangle breakout, as seen in the above chart, indicates a bullish reversal, meaning the sell-off from the recent highs above $7,400 has ended and the bulls have regained control.

Over on the daily chart, the persistent bear failure to penetrate the lower end of the pennant pattern is finally yielding a bullish move.

As of writing, the downward sloping 10-day moving average, is putting brakes on the price rally.

View The bullish price action on the hourly and daily chart indicates BTC could test the 10-week MA of $6,847 in a day or two.

The bearish moving averages may slow down the pace of the bullish move, but are unlikely to derail the corrective move higher.

Price action always supersedes lagging indicators like the moving averages.