Bitcoin Price Watch: BTC/USD at Risk of Upside Break above $6,540

Key Factors

  • Bitcoin value principally traded in a spread above the $6,300 help space towards the US Greenback.
  • There’s a essential breakout triangle sample shaped with resistance close to $6,540 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may dip a couple of factors in the direction of $6,380, however it’s prone to break the triangle for extra good points.

Bitcoin value is positioned for the subsequent transfer towards the US Greenback. BTC/USD will most probably speed up good points above the $6,540 and $6,620 ranges within the close to time period.

Bitcoin Price Evaluation

After bitcoin value failed to interrupt the $6,620 resistance towards the US Greenback, it began consolidating. The BTC/USD pair principally traded in a spread above the $6,300 help space with swing strikes. The final swing low was $6,302 earlier than the value moved above $6,400 and the 100 hourly easy shifting common. The value additionally broke the 50% Fib retracement stage of the final drop from the $6,618 excessive to $6,302 low.

Nevertheless, the upside transfer was capped by the $6,540 resistance. Furthermore, the 76.four% Fib retracement stage of the final drop from the $6,618 excessive to $6,302 low additionally acted as a resistance. In the meanwhile, the value is buying and selling above the $6,420 help and the 100 hourly SMA. Extra importantly, there’s a essential breakout triangle sample shaped with resistance close to $6,540 on the hourly chart of the BTC/USD pair. Within the brief time period, there could possibly be a draw back response in the direction of the $6,360 and $6,320 ranges. Having mentioned that, the present value motion means that the value is prone to break the triangle resistance at $6,540 to increase good points.

Trying at the chart, if bitcoin breaks $6,540, it has to surpass the $6,620 resistance to retain good points. If not, the value could maybe drop again in the direction of $6,400 and $6,300.

Trying at the technical indicators:

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

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

Main Help Stage – $6,320

Main Resistance Stage – $6,540

About Tom Greenly

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