Bitcoin (BTC) Price Hits $6.5K Target: $6.85K Could Be The Real Test

  • Bitcoin worth prolonged beneficial properties above the $6,400 and $6,440 resistance ranges in opposition to the US Greenback.
  • The worth examined the important thing $6,500 resistance degree as mentioned in yesterday’s evaluation.
  • Apart from, yesterday’s highlighted vital bullish development line is unbroken with assist at $6,060 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair stays in a robust uptrend and it looks like the true check for the bulls could possibly be close to $6,850.

Bitcoin worth is extending its rally above the $6,450 degree in opposition to the US Greenback. BTC is following a strong bullish path and it looks like it may even check the $6,800 degree within the close to time period.

Bitcoin Price Evaluation

Yesterday, we noticed a robust rise in bitcoin worth above the $6,200 resistance space in opposition to the US Greenback. The BTC/USD pair even broke the $6,350 degree and settled nicely above the 100 hourly easy shifting common. Consequently, the bulls are in management they usually have been profitable in clearing a serious resistance space close to the $6,400 degree. Earlier, there was a minor dip, however the $6,280 and $6,300 ranges supplied assist. Consequently, the worth bounced again and broke the $6,450 degree.

It lately examined the $6,500 degree and is at the moment consolidating beneficial properties. An preliminary assist is close to $6,440, and the 23.6% Fib retracement degree of the current wave from the $6,245 low to $6,500 excessive. Nonetheless, the primary assist is close to the earlier breakout zone at $6,400. Apart from, the 50% Fib retracement degree of the current wave from the $6,245 low to $6,500 excessive can also be close to the $6,400 degree to behave as a robust assist. Beneath $6,400, the worth might decline again in the direction of the $6,250 assist space.

Extra importantly, yesterday’s highlighted vital bullish development line is unbroken with assist at $6,060 on the hourly chart of the BTC/USD pair. The pair is clearly in a robust uptrend and it looks like it may even break the $6,550 and $6,600 ranges within the coming periods. Consequently, the primary goal for the bulls may close to the $6,800 and $6,850 ranges (as identified in one of many earlier evaluation with the each day chart).

Trying on the chart, bitcoin worth is gaining traction above the $6,400 degree. There could also be a few swing strikes in the direction of $6,400 or $6,300, however dips stay nicely supported. Solely an in depth beneath the $6,000 pivot degree and the 100 hourly SMA may begin a robust correction.

Technical indicators:

Hourly MACD – The MACD is about to achieve momentum within the bullish zone, with bullish indicators.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is shifting increased in the direction of the 75 degree.

Main Help Ranges – $6,400 adopted by $6,250.

Main Resistance Ranges – $6,500, $6,600 and $6,800.

About Tom Greenly

Check Also

AT&T becomes first big mobile carrier to accept Bitcoin payments

AT&T will permit clients to pay their mobile payments utilizing Bitcoin, including its identify to a …

Crypto Market Wrap: $8 Billion Back as Correction Gets Quashed

Crypto markets bounce again; No correction for BTC but, NEM, THETA and Waves flying. Crypto …