Analysis Technical

Bitcoin Price Watch: BTC/USD Could Rebound Above $6,500

Aayush Jindal | August 13, 2018 | 8:48 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Could Rebound Above $6,500

Aayush Jindal | August 13, 2018 | 8:48 am

Key Points

  • Bitcoin price found support near the $5,970-6,000 area and recovered nicely against the US Dollar.
  • There is a major contracting triangle forming with resistance near $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must break the $6,480 and $6,570 resistance levels to gain upside momentum in the near term.

Bitcoin price is showing positive signs above $6,280 against the US Dollar. BTC/USD could soon break the $6,480 and $6,570 resistances to rebound further.

Bitcoin Price Analysis

This past week, we saw heavy declines below $6,550 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $6,000 support, but buyers appeared and protected more declines. A low was formed at $5,794 and the price started an upward correction. The price moved above the $6,200 resistance and traded with bullish moves during the past few hours. It even broke the 23.6% Fib retracement level of the recent decline from the $7,166 high to $5,974 low.

However, the upside move is facing sellers near the $6,500 level. The 38.2% Fib retracement level of the recent decline from the $7,166 high to $5,974 low is also acting as a hurdle. More importantly, there is a major contracting triangle forming with resistance near $6,480 on the hourly chart of the BTC/USD pair. Should the price break the triangle resistance and $6,500, it could trade further higher. The next resistance is the $6,570 level, which is the 50% Fib retracement level. Above this, the price may even trade above the $6,650 level in the near term. On the other hand, if the price fails to move past $6,480 and drops below $6,280, there could be a bearish reaction.

Bitcoin Price Analysis BTC USD

Looking at the chart, the current price action is positive, but bitcoin must stay above $6,280 to move past $6,480 and $6,570 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 50 level.

Major Support Level – $6,280

Major Resistance Level – $6,570

Tags: , , , , , ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.