Bitcoin Price Watch: BTC Surges Above $6,600, Next Target $6,850

Key Factors

  • Bitcoin worth is buying and selling with a bullish angle above the $6,430 degree towards the US Greenback.
  • There was a transparent break above a significant bearish development line with resistance at $6,435 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair lately managed to surpass a significant resistance close to the $6,600 degree.

Bitcoin worth settled above a key pivot at $6,430 towards the US Greenback. BTC/USD might speed up in direction of $6,850 if consumers reach surpassing the $6,750 resistance.

Bitcoin Price Evaluation

There was an upside extension above the $6,400 degree in bitcoin worth towards the US Greenback. The BTC/USD pair traded above the $6,430 and $6,450 resistance ranges to commerce additional into the bullish zone. There was even a detailed above the $6,500 degree and the 100 hourly easy transferring common. These are all optimistic indicators above the $6,430 pivot degree and the $6,400 help space.

Throughout the upside, there was a transparent break above a significant bearish development line with resistance at $6,435 on the hourly chart of the BTC/USD pair. The pair traded in direction of the $6.590 and $6,600 resistance ranges, which prevented features. Later, the value gained traction, surged above the $6,600 resistance, and traded as excessive as $6,743. It’s presently consolidating features above the 23.6% Fib retracement degree of the final upward transfer from the $6,339 low to $6,743 excessive. If there may be an extension, the value might maybe check the $6,600 degree. It’s above the 50% Fib retracement degree of the final upward transfer from the $6,339 low to $6,743 excessive. A very powerful help is close to the $6,430 pivot degree.

Wanting on the chart, bitcoin worth might probably break the $6,750 resistance. The subsequent goal for consumers could possibly be $6,850, which can be a major resistance. On the flip facet, dips in direction of $6,600 are prone to entice consumers.

Wanting on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI is positioned properly above the 60 degree.

Main Help Stage – $6,600

Main Resistance Stage – $6,750

About Tom Greenly

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