Bitcoin Price Watch: BTC/USD Upsides Remain Capped

Key Factors

  • Bitcoin value declined under the $6,100 stage earlier than recovering considerably in opposition to the US Greenback.
  • There’s a main bearish development line in place with resistance at $6,360 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair should break the development line resistance and $6,350 to maneuver additional greater within the close to time period.

Bitcoin value is struggling to carry features in opposition to the US Greenback. BTC/USD might maybe proceed to face hurdles close to $6,360 and $6,420.

Bitcoin Price Evaluation

Bitcoin value failed to remain above the $6,280 low in opposition to the US Greenback. The BTC/USD pair declined additional and broke the $6,120 help stage. It traded as little as $6,076 earlier than beginning an upside correction. There was a good comeback for the reason that value moved above the $6,220 stage. It additionally broke the 38.2% Fib retracement stage of the final drop from the $6,400 excessive to $6,076 low.

Nevertheless, the upside transfer was capped by the $6,360 resistance. Extra importantly, there’s a main bearish development line in place with resistance at $6,360 on the hourly chart of the BTC/USD pair. The pair additionally didn’t settle above the 61.eight% Fib retracement stage of the final drop from the $6,400 excessive to $6,076 low. It’s presently buying and selling close to the $6,250 stage and is consolidating above $6,200. It looks as if the value might maybe make one other try to interrupt the $6,360 resistance. If it succeeds, there may very well be extra features above the $6,420 resistance within the close to time period.

Wanting on the chart, bitcoin value is going through a tricky job to interrupt the $6,350-60 resistance zone. If it fails to maneuver above this, there are excessive possibilities of a recent draw back transfer again in direction of the $6,100 stage within the close to time period.

Wanting on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is positioned properly above the 50 stage with a optimistic angle.

Main Help Stage – $6,100

Main Resistance Stage – $6,360

About Tom Greenly

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