Bitcoin Price Watch: BTC/USD Consolidating Below $6,700

Key Factors

  • Bitcoin worth remained nicely supported, however it struggled to interrupt the $6,700-6,800 resistance in opposition to the US Greenback.
  • There’s a main bullish pattern line fashioned with assist at $6,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is presently buying and selling in a spread beneath the $6,700 resistance and is making ready for the subsequent transfer.

Bitcoin worth is positioned properly above $6,500 in opposition to the US Greenback. BTC/USD could slowly climb larger to a brand new month-to-month excessive so long as it’s above $6,400.

Bitcoin Price Evaluation

Yesterday, bitcoin worth gained momentum and traded above the $6,700 resistance in opposition to the US Greenback. The BTC/USD pair traded in direction of the $6,800 resistance and fashioned a brand new month-to-month excessive at $6,793. Later, there was a draw back correction and the worth declined beneath the $6,700 degree. There was additionally a break beneath the 50% Fib retracement degree of the final leg from the $6,403 low to $6,793 excessive.

The draw back transfer discovered assist close to the $6,500 degree. Furthermore, a serious bullish pattern line acted as a barrier with present assist at $6,550 on the hourly chart of the BTC/USD pair. Furthermore, the 61.eight% Fib retracement degree of the final leg from the $6,403 low to $6,793 excessive additionally offered assist. On the draw back, the 100 hourly easy shifting common is positioned at $6,500 to stop declines. Subsequently, it looks as if there are a lot of helps on the draw back between $6,550-6,400. On the upside, an preliminary resistance is at $6,700. Above this, there’s a likelihood of a brand new month-to-month larger above $6,800.

Wanting on the chart, the worth is nicely supported above $6,400. It’s presently consolidating beneath the $6,700 and it looks as if consumers might acquire momentum for extra positive factors within the close to time period.

Wanting on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is now close to the 50 degree.

Main Assist Stage – $6,600

Main Resistance Stage – $6,800

About Tom Greenly

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