Bitcoin Price Watch: BTC/USD’s Trend Overwhelmingly Bullish

Key Factors

  • Bitcoin value surged larger and broke a vital resistance close to $6,380 towards the US Greenback.
  • There’s a new key bullish pattern line forming with help at $6,480 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The BTC/USD pair is at present correcting decrease, however it’s prone to discover help close to $6,640 and $6,600.

Bitcoin value surged above $6,700 towards the US Greenback. BTC/USD is now positioned in an uptrend with helps close to $6,600 and $6,540 on the draw back.

Bitcoin Price Evaluation

Bitcoin value settled above a key barrier at $6,300 towards the US Greenback. It opened the doorways for extra positive factors and the BTC/USD pair surged above the $6,380 and $6,600 resistance ranges. The upside transfer was such that the worth even broke the $6,700 resistance. A excessive was shaped at $6,749 and the worth is at present correcting decrease. On the draw back, there are numerous helps beginning with the $6,650 stage.

The 23.6% Fib retracement stage of the final wave from the $6,318 low to $6,749 excessive is positioned at $6,648 and is prone to maintain declines. Ought to there be a break under $6,648, the worth might maybe commerce in the direction of the $6,600 help. Extra importantly, there’s a new key bullish pattern line forming with help at $6,480 on the hourly chart of the BTC/USD pair. The identical pattern line at present across the 50% Fib retracement stage of the final wave from the $6,318 low to $6,749 excessive. Subsequently, any main dips from the present ranges are prone to discover bids close to $6,600 and $6,540.

Wanting on the chart, the worth clearly settled above $6,600 and the 100 hourly easy transferring common. On the upside, a break above the $6,750 excessive might set the trail for a transfer in the direction of $7,000.

Wanting on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI is correcting decrease from the overbought ranges.

Main Help Degree – $6,600

Main Resistance Degree – $6,750

About Tom Greenly

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