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Bitcoin Price Analysis: BTC/USD in a positive zone, 27 August.

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Bitcoin Price Key Focuses

  • Bitcoin price is trading in a contracting range with support over the $6,600 level against the US Dollar.
  • There is a noteworthy contracting triangle set up with resistance around $6,740 level on the hourly diagram of the BTC/USD combine (information feed from Kraken).
  • The combine is probably going to make the following move either above $6,750 or beneath $6,600 in the close term.

Bitcoin price is trading in a positive zone above $6,610 against the US Dollar. BTC/USD is getting ready for the following move either above $6,750 or beneath $6,600.

Bitcoin Price Analysis

Amid the previous couple of hours, there were numerous endeavors to outperform the $6,750 resistance by bitcoin price against the US Dollar. The BTC/USD match attempted to pick up energy above $6,750 and exchanged a range. The last swing low was shaped at $6,560 before bitcoin price moved higher. Bitcoin price exchanged over the $6,610 level and settled over the 100 hourly basic moving normal. There was additionally a break over the 61.8% Lie retracement level of the last slide from the $6,777 high to $6,560 low.

Be that as it may, the upside move was topped by the $6,750 resistance. All the more critically, there is a noteworthy contracting triangle set up with resistance around $6,740 level on the hourly outline of the BTC/USD combine. The match needs to move over the triangle resistance and $6,750 for more upsides. Ought to there be a break over the $6,750 level, bitcoin price may well test $6,829. It speaks to the 1.236 Lie expansion level of the last slide from the $6,777 high to $6,560 low.

BTCUSD Price Chart 27 August
BTCUSD Price Chart 27 August

Taking a gander at the diagram, if bitcoin price adjusts lower, the triangle support at $6,660 is probably going to hold misfortunes. Underneath this, the $6,610 level and the 100 hourly SMA are probably going to go about as purchase zones. Generally speaking, the price is probably going to make the following move either above $6,750 or beneath $6,600.

Taking a gander at the technical markers:

Hourly MACD – The MACD for BTC/USD is somewhat moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is set over the 50 level.

Real Support Level – $6,610

Real Resistance Level – $6,750

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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