Bitcoin Price Watch: BTC Holds Bullish Bias Above $6,550

Key Factors

  • Bitcoin value is consolidating above the $6,590 and $6,550 help ranges in opposition to the US Greenback.
  • There’s a short-term declining channel in place with resistance at $6,720 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair has to surpass the $6,720 and $6,750 ranges to maneuver in the direction of $6,850 and $6,900.

Bitcoin value settled above the $6,550 stage in opposition to the US Greenback. BTC/USD should break the $6,720 resistance for an upward transfer towards $6,900 within the close to time period.

Bitcoin Price Evaluation

After buying and selling above the $6,800 stage, bitcoin value began a draw back correction in opposition to the US Greenback. The BTC/USD pair traded as excessive as $6,833 and corrected beneath the $6,750 stage. Through the decline, there was a break beneath the 23.6% Fib retracement stage of the final wave from the $6,347 low to $6,833 excessive. Nevertheless, there’s a respectable help seen close to the $6,600 and $6,590 zone.

In the mean time, the value is testing the $6,620 stage and the 100 hourly easy shifting common. Under this, the value may take a look at the $6,590 help. It represents the 50% Fib retracement stage of the final wave from the $6,347 low to $6,833 excessive. Extra importantly, there’s a short-term declining channel in place with resistance at $6,720 on the hourly chart of the BTC/USD pair. If there’s a draw back break beneath the $6,590 stage, the value could take a look at the $6,550 stage within the close to time period. On the upside, the value has to clear the $6,720 and $6,750 resistances to realize momentum. The following hurdle for consumers might be $6,830 and $6,900.

Trying on the chart, bitcoin value remains to be positioned properly above the $6,550 help. Under this, the value could lengthen losses in the direction of the $6,420 stage within the close to time period.

Trying on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is at the moment effectively beneath the 50 stage.

Main Help Degree – $6,550

Main Resistance Degree – $6,720

About Tom Greenly

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