Bitcoin Price Watch: BTC/USD Targets Fresh High Above $6,400

Key Factors

  • Bitcoin value gained traction and moved above the $6,335 and $6,350 resistances in opposition to the US Greenback.
  • There was a break above a key bearish development line with resistance at $6,345 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The value is at the moment correcting decrease, however there are respectable helps close to $6,345 and $6,325.

Bitcoin value is gaining upside momentum in opposition to the US Greenback. BTC/USD might dip just a few factors earlier than it climbs above the $6,380 and $6,400 ranges.

Bitcoin Price Evaluation

Yesterday, we noticed an honest upside transfer from the $6,220 swing low in bitcoin value in opposition to the US Greenback. The BTC/USD pair moved larger and traded above the $6,300 and $6,325 resistances. Later, there was a minor draw back correction and the value examined the $6,290 help, which was a resistance earlier. The value bounced again once more and traded above $6,335 and the 100 hourly easy transferring common.

The upside transfer was sturdy as the value traded near the $6,380 stage. Furthermore, there was a break above a key bearish development line with resistance at $6,345 on the hourly chart of the BTC/USD pair. The pair traded as little as $6,379 and it’s at the moment correcting decrease. Sellers pushed the value beneath the 23.6% Fib retracement stage of the latest wave from the $6,291 low to $6,379 excessive. In the intervening time, the damaged development line is performing as a help close to $6,345-50. Beneath this, the value might take a look at the 50% Fib retracement stage of the latest wave from the $6,291 low to $6,379 excessive at $6,335.

Wanting on the chart, bitcoin value is pointing optimistic indicators above the $6,325 and $6,335 ranges. If there may be an upside break above $6,380, the value will most definitely surpass $6,400 for extra features.

Wanting 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 positioned above the 50 stage.

Main Assist Stage – $6,335

Main Resistance Stage – $6,380

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