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Bitcoin Price Watch: BTC/USD Holding Key Supports Above $6,350

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price is trading above the $6,400 and $6,450 support levels against the US Dollar.
  • There is a significant contracting triangle in place with support at $6,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could make the next move either above $6,640 or below $6,460 in the near term.

Bitcoin price is trading nicely above the $6,350 pivot level against the US Dollar. BTC/USD is likely to make an attempt to surpass the $6,640 resistance.

Bitcoin Price Analysis

There was a strong support base formed above the $6,320 and $6,350 levels by bitcoin price against the US Dollar. The BTC/USD pair traded higher and formed a few lower highs at $6,800, $6,700 and $6,640. The recent swing low was formed at $6,398 before the price traded above $6,500. There was a break above the $6,600 level and the 100 hourly simple moving average. The price even broke the 50% Fib retracement level of the last drop from the $6,797 high to $6,398 low.

However, the upside move was capped by the $6,640 level. It represents the 61.8% Fib retracement level of the last drop from the $6,797 high to $6,398 low. The pair declined and traded below the $6,550 level and the 100 hourly SMA. At the outset, there is a significant contracting triangle in place with support at $6,460 on the hourly chart of the BTC/USD pair. On the upside, a break above the triangle resistance and $6,640 is needed for a push towards $6,800. On the other hand, below the triangle support the price could decline towards the key $6,350 support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be preparing for the next move either above $6,640 or below $6,460. The current price action indicates that buyers may soon try to push the price above $6,640 and $6,700.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is mostly flat in the bearish zone.

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

Major Support Level – $6,460

Major Resistance Level – $6,640

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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