Crucial Factors

  • Bitcoin cost traded bigger a short while ago and broke the $6,600 and $6,620 resistance ranges towards the US Dollar.
  • There is a important bullish trend line in place with help at $6,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is probably to climb bigger toward the $6,650, $6,700 and $6,800 ranges in the in the vicinity of expression.

Bitcoin cost is positioned nicely earlier mentioned $6,600 towards the US Dollar. BTC/USD could speed up gains earlier mentioned $6,640 to test the future resistance at $6,800.

Bitcoin Value Investigation

Yesterday, we reviewed that bitcoin cost seems to be preparing for the future leg either earlier mentioned $6,640 or down below $6,460 towards the US Dollar. The BTC/USD pair traded bigger and broke the $6,600 and $6,620 resistance ranges. There was also a split earlier mentioned the $6,640 amount and the cost settled earlier mentioned the 100 hourly very simple shifting common. It traded to a new weekly superior at $6,688 and later on it corrected reduce.

It declined down below the $6,650 amount and the 23.6% Fib retracement amount of the recent wave from the $6,490 minimal to $6,688 superior. Nonetheless, the downside shift was protected by the $6,600 amount, which was a resistance before. Also, the 50% Fib retracement amount of the recent wave from the $6,490 minimal to $6,688 superior acted offered help. There is also a connecting bullish trend line with help at $6,600 on the hourly chart of the BTC/USD pair. Down below $6,600, the 100 hourly SMA could hold losses at $6,565. There is also yet another important bullish trend line in place with help at $6,550.

Bitcoin Price Analysis BTC Chart

On the lookout at the chart, bitcoin cost is positioned nicely earlier mentioned the $6,550 help. As very long as the cost is earlier mentioned $6,550 and the 100 hourly SMA, it could climb bigger. An first resistance is at $6,640, followed by $6,700 and the very last just one is at $6,800.

On the lookout at the complex indicators:

Hourly MACD – The MACD for BTC/USD is about to shift again in the bullish zone.

Hourly RSI (Relative Toughness Index) – The RSI is presently earlier mentioned the 50 amount.

Major Guidance Level – $6,550

Major Resistance Level – $6,640

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