Bitcoin Price Watch: BTC/USD Could Rebound Towards $5,900

Key Factors

  • Bitcoin worth prolonged declines beneath $5,330 and traded in the direction of $5,200 towards the US Greenback.
  • There’s a main bearish development line in place with resistance at $5,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The worth is probably going positioning for an upward transfer above the $5,600 and $5,700 ranges.

Bitcoin worth prolonged losses in the direction of $5,200 towards the US Greenback. BTC/USD is presently rebounding and it may right greater in the direction of $5,900.

Bitcoin Price Evaluation

Yesterday, we mentioned the possibilities of extra declines beneath $5,400 in bitcoin worth towards the US Greenback. The BTC/USD pair prolonged losses beneath the $5,330 swing low and traded in the direction of the $5,200 low. A brand new 2018 low was shaped at $5,206 and later the value began a contemporary restoration. The worth moved above the $5,300 and $5,400 resistance. Moreover, there was a break above the 61.eight% Fib retracement degree of the final decline from the $5,646 excessive to $5,206 low.

Patrons additionally pushed the value above the $5,550 degree, however they struggled close to $5,600. Furthermore, there’s a main bearish development line in place with resistance at $5,550 on the hourly chart of the BTC/USD pair. The pair appears to be getting ready for a bigger restoration above the $5,600 degree. If there’s a shut above $5,600, the value may proceed to maneuver greater in the direction of the $5,750 degree. It represents the 1.236 Fib extension degree of the final decline from the $5,646 excessive to $5,206 low. Lastly, the principle resistance could possibly be $5,918, which is the 1.618 Fib extension degree.

Wanting on the chart, bitcoin worth is probably going forming an inverse head and shoulders sample with resistance at $5,600. Due to this fact, a correct break above the $5,600 degree will more than likely push the value in the direction of $5,750 or $5,900.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is again within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI is presently just under the 50 degree.

Main Help Degree – $5,400

Main Resistance Degree – $5,600

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