Bitcoin Price Weekly Analysis: BTC/USD Buyers Losing Momentum Above $6,600

Key Factors

  • Bitcoin worth fashioned a good help close to the $6,400 degree towards the US Greenback.
  • There was a break above a significant bearish development line with resistance at $6,540 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is struggling to achieve momentum above the $6,600 and $6,650 resistance ranges.

Bitcoin worth is buying and selling with a constructive bias above $6,400 towards the US Greenback. BTC/USD should break the $6,650 resistance to achieve upside momentum.

Bitcoin Price Evaluation

This previous week, bitcoin worth discovered a robust shopping for curiosity above the $6,400 degree towards the US Greenback. The BTC/USD pair began an upside transfer and traded above the $6,480 resistance degree. Buyers additionally surpassed the worth above the 23.6% Fib retracement degree of the final decline from the $6,800 excessive to $6,399 low. It opened the doorways for extra features and the worth spiked above the $6,600 degree.

Furthermore, there was a break above a significant bearish development line with resistance at $6,540 on the Four-hours chart of the BTC/USD pair. The pair examined the 61.eight% Fib retracement degree of the final decline from the $6,800 excessive to $6,399 low. It obtained rejected and there no correct shut above the $6,650 degree. The value additionally struggled to achieve momentum above the $6,600 degree and the 100 easy shifting common (Four-hours). A contemporary draw back leg was initiated and the worth declined beneath the $6,550 degree. In the mean time, the worth is consolidating beneath the $6,600 degree and is making ready for the following transfer.

Wanting on the chart, BTC worth might climb larger as soon as once more above $6,600. Nevertheless, the worth has to achieve traction above the $6,650 degree. The following hurdles for consumers are close to the $6,700 and $6,800 ranges. The important thing helps are at $6,480 and $6,400.

Wanting on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is barely within the bullish zone.

Four-hours RSI (Relative Energy Index) – The RSI is at the moment above the 50 degree.

Main Assist Stage – $6,400

Main Resistance Stage – $6,650

About Tom Greenly

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