Bitcoin Price Watch: BTC/USD Approaching Next Key Break

Key Factors

  • Bitcoin value is buying and selling in a good vary above the $6,540 help towards the US Greenback.
  • There’s a key contracting triangle in place with help at $6,545 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is poised to make the following transfer both above $6,610 or under $6,540 within the brief time period.

Bitcoin value is approaching the following key break towards the US Greenback. BTC/USD might climb greater if consumers push the worth above $6,610 and $6,642.

Bitcoin Price Evaluation

Throughout the previous two periods, there was no main transfer above $6,660 in bitcoin value towards the US Greenback. The BTC/USD pair remained confined in a good vary and stayed above the $6,540 help. Just lately, there was a dip under the $6,500 degree, however the value recovered shortly. It climbed above the $6,500 degree and the 50% Fib retracement degree of the current slide from the $6,642 excessive to $6,488 low.

Nonetheless, the upside transfer was capped by the $6,600 resistance and the 100 hourly easy shifting common. Furthermore, the 61.eight% Fib retracement degree of the current slide from the $6,642 excessive to $6,488 low additionally acted as a resistance. On the outset, there’s a key contracting triangle in place with help at $6,545 on the hourly chart of the BTC/USD pair. The triangle resistance is at $6,600, above which the worth is more likely to face sellers close to the $6,642 swing excessive. As soon as there’s a clear break above the $6,642 excessive, the worth will almost definitely climb in direction of the $6,700 and $6,740 ranges. Alternatively, a draw back break under $6,545 and $6,520 might properly open the doorways for an prolonged slide in direction of $6,360.

Trying on the chart, bitcoin value appears to be making ready for the following transfer both above $6,610 or under $6,540. The present value motion is barely bearish, however so long as the worth is above $6,500, it might commerce greater.

Trying on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is close to the 50 degree.

Main Assist Stage – $6,540

Main Resistance Stage – $6,610

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