Bitcoin Price Watch: BTC/USD Could Recover Further

Key Factors

  • Bitcoin worth began an upward correction from the $6,131 low in opposition to the US Greenback.
  • There was a break above a significant bearish development line with resistance at $6,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may transfer additional above the $6,600 degree if patrons stay in motion within the close to time period.

Bitcoin worth is displaying restoration indicators above the $6,400 degree in opposition to the US Greenback. BTC/USD could maybe proceed to get well in direction of the $7,000 degree.

Bitcoin Price Evaluation

There was a strong shopping for curiosity emerged above the $6,000 degree in bitcoin worth in opposition to the US Greenback. The BTC/USD pair shaped a low at $6,131 and began an upward transfer. It gained tempo and broke the $6,200 and $6,300 resistance ranges. There was additionally a break above the 50% Fib retracement degree of the final drop from the $6,900 swing excessive to $6,130 swing low.

Extra importantly, there was a break above a significant bearish development line with resistance at $6,400 on the hourly chart of the BTC/USD pair. The pair is at present flirting with the $6,650 degree and the 100 hourly easy transferring common. Ought to there be an upside break above $6,800, there may very well be extra beneficial properties within the close to time period. Moreover, a break above the 76.four% Fib retracement degree of the final drop from the $6,900 swing excessive to $6,130 swing low could maybe clear the way in which for $7,000.

Wanting on the chart, the worth is at present buying and selling in a spread across the $6,600 degree. There could also be a slight downward response in direction of the $6,500 degree, however patrons are prone to take a stand. Beneath $6,500, the following main assist is across the $6,400 degree. On the upside, the $7,000 degree is a significant barrier for extra beneficial properties.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly gaining tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI has settled above the 50 degree.

Main Help Stage – $6,400

Main Resistance Stage – $7,000

About Tom Greenly

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