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.
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