Analysis Technical

Bitcoin Price Watch: BTC/USD Preparing for Next Upside Wave

Aayush Jindal | September 20, 2018 | 8:48 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Preparing for Next Upside Wave

Aayush Jindal | September 20, 2018 | 8:48 am

Key Points

  • Bitcoin price recently dipped and then rallied above the $6,400 level against the US Dollar.
  • There was a break above two bearish trend lines with resistance at $6,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently correcting lower, but it remains supported near the $6,320-00 zone.

Bitcoin price is positioned in the positive zone above $6,300 against the US Dollar. BTC/USD could move back higher towards $6,500 in the near term.

Bitcoin Price Analysis

There were a couple of nasty swing moves above $6,100 in bitcoin price against the US Dollar. The BTC/USD pair dipped sharply below the $6,200 support area and tested the $6,100 support. A low was formed at $6,104 and later the price surged higher. There were two back to back large candles were formed above the $6,400 level. The price rallied towards the $6,580 level and a high was formed at $6,573.

During the ride, there was a break above two bearish trend lines with resistance at $6,320 on the hourly chart of the BTC/USD pair. Later, the price corrected lower below the $6,500 level. It even corrected below the 23.6% Fib retracement level of the last rally from the $6,104 low to $6,573 high. At the moment, the price is trading near the $6,400 support and the 100 hourly simple moving average. Below this, the next support is near the $6,338 level. It represents the 50% Fib retracement level of the last rally from the $6,104 low to $6,573 high. Moreover, the broken trend lines near the $6,320 level are also likely to act as supports.

Bitcoin Price Analysis BTC USD

Looking at the chart, bitcoin is placed nicely above the $6,320-30 zone. As long as the price is above $6,300, it could move back higher towards the $6,500 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is presently well above the 60 level.

Major Support Level – $6,320

Major Resistance Level – $6,500

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.