Bitcoin Price Watch: BTC/USD Holding Key Supports Above $6,350

Key Factors

  • Bitcoin worth is buying and selling above the $6,400 and $6,450 assist ranges towards the US Greenback.
  • There’s a important contracting triangle in place with assist at $6,460 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might make the following transfer both above $6,640 or beneath $6,460 within the close to time period.

Bitcoin worth is buying and selling properly above the $6,350 pivot stage towards the US Greenback. BTC/USD is more likely to make an try to surpass the $6,640 resistance.

Bitcoin Price Evaluation

There was a robust assist base fashioned above the $6,320 and $6,350 ranges by bitcoin worth towards the US Greenback. The BTC/USD pair traded greater and fashioned a couple of decrease highs at $6,800, $6,700 and $6,640. The latest swing low was fashioned at $6,398 earlier than the worth traded above $6,500. There was a break above the $6,600 stage and the 100 hourly easy shifting common. The worth even broke the 50% Fib retracement stage of the final drop from the $6,797 excessive to $6,398 low.

Nevertheless, the upside transfer was capped by the $6,640 stage. It represents the 61.eight% Fib retracement stage of the final drop from the $6,797 excessive to $6,398 low. The pair declined and traded beneath the $6,550 stage and the 100 hourly SMA. On the outset, there’s a important contracting triangle in place with assist at $6,460 on the hourly chart of the BTC/USD pair. On the upside, a break above the triangle resistance and $6,640 is required for a push in the direction of $6,800. However, beneath the triangle assist the worth might decline in the direction of the important thing $6,350 assist.

Wanting on the chart, bitcoin worth appears to be making ready for the following transfer both above $6,640 or beneath $6,460. The present worth motion signifies that consumers might quickly attempt to push the worth above $6,640 and $6,700.

Wanting on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI is presently above the 50 stage.

Main Help Degree – $6,460

Main Resistance Degree – $6,640

About Tom Greenly

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