Bitcoin Price Weekly Analysis: Can BTC/USD Gain Traction?

Key Factors

  • Bitcoin worth is presently consolidating across the $6,500 degree towards the US Greenback.
  • The BTC/USD pair is presently trying an upside break above a declining channel with resistance at $6,500 on the Four-hours chart (knowledge feed from Kraken).
  • The pair could transfer a couple of factors greater, however there are various hurdles on the upside close to the $6,800 degree.

Bitcoin worth is secure above the $6,400 degree towards the US Greenback. BTC/USD should acquire momentum above $6,600 and $6,800 to maneuver right into a bullish zone.

Bitcoin Price Resistance

This previous week, bitcoin worth began an upside correction after dropping to the $6,130 degree towards the US Greenback. The BTC/USD pair moved above the $6,200 and $6,400 resistance ranges. There was additionally a break above the 23.6% Fib retracement degree of the final draw back transfer from the $7,785 excessive to $6,130 swing low. Nevertheless, the value confronted a whole lot of sellers across the $6,700 degree.

There was a rejection from a declining channel with present resistance at $6,500 on the Four-hours chart of the BTC/USD pair. Furthermore, the 38.2% Fib retracement degree of the final draw back transfer from the $7,785 excessive to $6,130 swing low acted as a hurdle. The value moved down beneath $6,600 however discovered assist. It’s presently transferring greater as soon as once more and is trying a break above the identical channel and $6,500. Ought to the value achieve transferring previous the channel resistance, it may transfer greater in direction of the $6,600 and $6,700 resistance ranges. Above this final, the following hurdle sits across the $6,800 degree.

Wanting on the chart, the present worth motion suggests consolidation above the $6,400 degree. A break above the $6,700 degree could maybe open the doorways for an upside push in direction of $7,000.

Wanting on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is presently flat within the bullish zone.

Four-hours RSI (Relative Energy Index) – The RSI is simply across the 50 degree.

Main Assist Degree – $6,400

Main Resistance Degree – $6,700

About Tom Greenly

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