Bitcoin Price Watch: BTC/USD Accelerating Gains Toward $6,700

Key Factors

  • Bitcoin value traded additional increased and broke the $6,515 resistance space towards the US Greenback.
  • There was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The worth is prone to speed up good points above the $6,550 and $6,600 ranges within the close to time period.

Bitcoin value is positioned properly above the $6,480 assist towards the US Greenback. BTC/USD is prone to grind increased in the direction of the $6,700 stage within the close to time period.

Bitcoin Price Evaluation

Yesterday, there was a minor draw back correction in bitcoin value from the $6,480 swing excessive towards the US Greenback. The BTC/USD pair corrected decrease and examined the $6,375 assist, which acted as a significant purchase zone. In consequence, there was a contemporary upward transfer and the value traded above the $6,440 and $6,475 resistance ranges. Furthermore, the value even broke the $6,500 resistance and settled above the 100 hourly easy transferring common.

Extra importantly, there was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair. The worth spiked above the $6,500 stage and traded as excessive as $6,553. Later, there was a draw back correction beneath the $6,540 stage. Sellers pushed the value beneath the 23.6% Fib retracement stage of the latest wave from the $6,403 swing low to $6,553 excessive. Nonetheless, there are a lot of purchase zones on the draw back close to the $6,475 stage. Apart from, the 50% Fib retracement stage of the latest wave from the $6,403 swing low to $6,553 excessive can also be at $6,478.

Trying on the chart, bitcoin value is positioned properly above the $6,475 and $6,440 assist ranges. It’s going to most certainly proceed to speed up good points above the $6,550 and $6,600 ranges within the close to time period.

Trying on the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly lowering its bullish slope.

Hourly RSI (Relative Energy Index) – The RSI is at present properly above the 50 stage.

Main Help Stage – $6,475

Main Resistance Stage – $6,550

About Tom Greenly

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