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Bitcoin to $7000? Bitcoin Price Analysis 9 Oct

Bitcoin price is situated pleasantly above $6,600. BTC/USD could quicken increases above $6,640 to test the following resistance at $6,800.

Bitcoin Price Key Focuses

  • Bitcoin price exchanged higher as of late and broke the $6,600 and $6,620 resistance levels against the US Dollar.
  • There is a noteworthy bullish pattern line set up with support at $6,550 on the hourly graph of the BTC/USD pair (information feed from Kraken).
  • The pair is probably going to move higher towards the $6,650, $6,700 and $6,800 levels in the close term.

Bitcoin price is situated pleasantly above $6,600 against the US Dollar. BTC/USD could quicken increases above $6,640 to test the following resistance at $6,800.

 

Bitcoin Price Analysis

Recently, we talked about that bitcoin price is by all accounts getting ready for the following leg either above $6,640 or beneath $6,460 against the US Dollar. The BTC/USD pair exchanged higher and broke the $6,600 and $6,620 resistance levels. There was additionally a break over the $6,640 level and bitcoin price settled over the 100 hourly straightforward moving normal. It exchanged to another week after week high at $6,688 and later it revised lower.

It declined beneath the $6,650 level and the 23.6% Lie retracement level of the ongoing wave from the $6,490 low to $6,688 high. In any case, the drawback move was ensured by the $6,600 level, which was a resistance before. Additionally, the half Lie retracement level of the ongoing wave from the $6,490 low to $6,688 high acted offered help. There is additionally an interfacing bullish pattern line with support at $6,600 on the hourly diagram of the BTC/USD pair. Beneath $6,600, the 100 hourly SMA could hold misfortunes at $6,565. There is additionally another major bullish pattern line set up with support at $6,550.

 

BTCUSD Price Chart 9 October
BTCUSD Price Chart 9 October

 

Taking a gander at the graph, bitcoin price is situated pleasantly over the $6,550 support. For whatever length of time that the price is above $6,550 and the 100 hourly SMA, it could move higher. An underlying resistance is at $6,640, trailed by $6,700 and the last one is at $6,800.

 

Taking a gander at the technical pointers:

Hourly MACD – The MACD for BTC/USD is going to move back in the bullish zone.

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

Real Support Level – $6,550

Real Resistance Level – $6,640

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Written by Nadja Eriksson

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