Bitcoin Price Watch: BTC/USD Struggle Continues

Key Factors

  • Bitcoin worth failed to maneuver above the $6,600 resistance and it at the moment underneath stress in opposition to the US Greenback.
  • There’s a vital bearish pattern line shaped with resistance at $6,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair should transfer above the $6,500 hurdle and the 100 hourly easy shifting common to climb larger.

Bitcoin worth remains to be struggling to achieve tempo above $6,600 in opposition to the US Greenback. BTC/USD is prone to maintain the $6,325 and $6,230 help ranges within the close to time period.

Bitcoin Price Evaluation

This previous week, there was an honest bounce from the $6,130 stage in bitcoin worth in opposition to the US Greenback. The BTC/USD pair traded above the $6,500 and $6,600 resistance ranges. Nonetheless, sellers efficiently defended the $6,700-30 zone. In consequence, there was a draw back response and the value declined under the $6,660 pivot stage. There was additionally a break under the 50% Fib retracement stage of the final wave from the $6,122 low to $6,731 excessive.

The worth even settled under the $6,500 stage and the 100 hourly easy shifting common. Nonetheless, the value was in a position to maintain the 61.eight% Fib retracement stage of the final wave from the $6,122 low to $6,731 excessive. There are a lot of vital help ranges on the draw back corresponding to $6,325 and $6,230. So long as the value is above $6,230, it may make an try to maneuver larger. On the upside, there’s a vital bearish pattern line shaped with resistance at $6,500 on the hourly chart of the BTC/USD pair.

Wanting on the chart, the value has to maneuver previous the pattern line resistance, $6,500, and the 100 hourly SMA to achieve upside momentum. A detailed above $6,500 might clear the trail for a push in direction of $6,700.

Wanting on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is shifting larger in direction of the 50 stage.

Main Help Stage – $6,230

Main Resistance Stage – $6,500

About Tom Greenly

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