Bitcoin Price Watch: BTC/USD Could Break Higher

Key Factors

  • Bitcoin worth traded with a constructive tone and is presently beneath the $6,300 resistance towards the US Greenback.
  • There’s a vital bearish development line in place with resistance at $6,290 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is more likely to break the $6,290 and $6,300 resistance ranges to achieve traction within the close to time period.

Bitcoin worth is about to make the subsequent transfer towards the US Greenback. BTC/USD could maybe speed up features above the $6,300 resistance if consumers take management.

Bitcoin Price Evaluation

The previous three periods have been largely constructive as bitcoin worth settled above the $5,800 and $6,000 helps towards the US Greenback. The BTC/USD pair began an honest upward transfer from an intermediate swing low at $6,100. It moved above the 50% Fib retracement stage of the final slide from the $6,754 excessive to $5,650 swing low. Nonetheless, the worth struggled to interrupt the $6,290 and $6,300 resistance ranges.

Furthermore, a big bearish development line with resistance at $6,290 on the hourly chart of the BTC/USD pair acted as a hurdle. Moreover, the 61.eight% Fib retracement stage of the final slide from the $6,754 excessive to $5,650 swing low additionally stopped features. On the constructive word, the worth is buying and selling with a bullish bias above the $6,000 stage and the 100 hourly easy shifting common. If the worth features momentum above the $6,290 and $6,300 resistance ranges, there might be extra upsides in the direction of $6,400 and $6,500.

Trying on the chart, the worth is more likely to break the $6,300 barrier for additional upside. If not, there’s a danger of a bearish response again in the direction of $6,100. Under this, the worth could maybe resume its draw back transfer beneath $6,000 within the close to time period.

Trying on the technical indicators:

Hourly MACD – The MACD for BTC/USD is generally within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI is positioned properly above the 50 stage.

Main Assist Stage – $6,100

Main Resistance Stage – $6,300

About Tom Greenly

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