Bitcoin Price Weekly Analysis: BTC/USD Rebound Faces Significant Hurdle

Key Factors

  • Bitcoin worth recovered just lately and examined the $6,375 resistance space in opposition to the US Greenback.
  • There’s a vital bearish pattern line in place with resistance at $6,400 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair should break the $6,365, $6,375 and $6,400 resistance ranges to commerce larger within the close to time period.

Bitcoin worth continues to be above the $6,250 help in opposition to the US Greenback. Nonetheless, BTC/USD is going through an important resistance close to the $6,375-6,400 space.

Bitcoin Price Evaluation

This previous week, there was a draw back extension beneath the $6,300 help in bitcoin worth in opposition to the US Greenback. The BTC/USD pair traded shut the $6,200 help the place patrons emerged. Because of this, the worth began an honest restoration and moved above the $6,250 and $6,300 resistance ranges. The upside transfer was optimistic as there was a break above the $6,340 stage as nicely. Apart from, the worth surpassed the 61.eight% Fib retracement stage of the latest decline from the $6,429 excessive to $6,201 low.

Nonetheless, the upside transfer stalled close to the $6,375 resistance and the 100 easy shifting common (Four-hours). Furthermore, the 76.Four% Fib retracement stage of the latest decline from the $6,429 excessive to $6,201 low acted as a resistance. To the topside, there’s a vital bearish pattern line in place with resistance at $6,400 on the Four-hours chart of the BTC/USD pair. On the outset, there’s a contracting triangle forming with resistance close to $6,360. Subsequently, the worth must surpass the $6,360, $6,375 and $6,400 resistance ranges to commerce larger.

Trying on the chart, BTC worth is clearly going through a strong hurdle close to the $6,375 and $6,400 ranges. If patrons fail to clear these, there might be a bearish response again in direction of the $6,250 or $6,200 help.

Trying on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is about to maneuver again within the bearish zone.

Four-hours RSI (Relative Energy Index) – The RSI is at present flat close to the 50 stage.

Main Assist Stage – $6,250

Main Resistance Stage – $6,400

About Tom Greenly

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