Bitcoin Price Watch: Can BTC/USD Break $6,480-6,550 This Time?

Key Factors

  • Bitcoin value declined and examined the $6,200-6,220 assist space towards the US Greenback.
  • There’s a main bearish development line forming with resistance close to $6,480 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is at the moment correcting greater, however it might battle to maneuver previous $6,480 and $6,500.

Bitcoin value failed to maneuver above $6,600 not too long ago and declined towards the US Greenback. BTC/USD is recovering, however it might presumably proceed to face sellers close to $6,480.

Bitcoin Price Evaluation

There was one more failure close to the $6,550 resistance in bitcoin value towards the US Greenback. The BTC/USD pair topped at $6,549 and began a draw back transfer. It broke the $6,350 and $6,300 assist ranges. It traded near the $6,200 the place consumers appeared and defended extra losses. A low was fashioned at $6,222 earlier than the worth began an upward transfer. The value recovered above $6,300 and the 38.2% Fib retracement degree of the final decline from the $6,549 excessive to $6,222 low.

On the upside, there’s a key resistance fashioned close to $6,424, which is close to the 100 hourly easy transferring common. There may be additionally a significant bearish development line forming with resistance close to $6,480 on the hourly chart of the BTC/USD pair. The 61.eight% Fib retracement degree of the final decline from the $6,549 excessive to $6,222 low can also be close to the $6,420. Due to this fact, if the worth continues to maneuver greater, it might discover resistance close to the $6,480 and $6,550 ranges. Solely a detailed above $6,550 adopted by a break of $6,620 might ignite bullish strikes within the close to time period.

Wanting on the chart, if bitcoin fails as soon as once more close to the $6,550 resistance, it might nicely decline again to $6,300. Beneath this final, the worth is more likely to go to the $6,200 assist space.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to maneuver again within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI is transferring greater in direction of the 50 degree.

Main Assist Stage – $6,220

Main Resistance Stage – $6,550

About Tom Greenly

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