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

About Tom Greenly

Check Also

Comment on The World’s First DJ Mix That Pays Artists in Seconds Using Blockchain Technology by 沙巴体育投注网站

ADVERTISEMENTS Each time DJ Lethal Buda’s “Rock the Blockchain” DJ combine is performed on Musicoin.org, fifteen …

Bitcoin Exchanges Shutdown in India Due to Regulations, Pivot to ATMs

To enhance crypto-to-fiat liquidity in India amidst an ongoing banking ban, Indian exchanges are discovering strategies that …