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Bitcoin Price Watch: BTC/USD Turned Bullish Above $6,400

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

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Key Points

  • Bitcoin price surged higher recently and broke the $6,350 and $6,375 resistances against the US Dollar.
  • There was a break above a major contracting triangle with resistance at $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price traded towards the $6,475 level and it is currently correcting lower.

Bitcoin price moved into a bullish zone above $6,375 against the US Dollar. BTC/USD is correcting lower, but it is likely to find support near $6,380 or $6,375.

Bitcoin Price Analysis

After testing the $6,200 support area, bitcoin price found a strong buying interest against the US Dollar. The BTC/USD pair started an upward move and traded above the $6,335 and $6,350 resistance levels. The upside move was strong as the price even settled above $6,375 and 100 hourly simple moving average. Buyers pushed the price above the $6,410-20 resistance zone and a new weekly high was formed at $6,472.

During the upward move, there was a break above a major contracting triangle with resistance at $6,350 on the hourly chart of the BTC/USD pair. Later, the price started a downside correction and declined below $6,440. There was a break below the 23.6% Fib retracement level of the recent wave from the $6,323 low to $6,472 high. However, there are many supports on the downside near the $6,380 level. An immediate support is at $6,398-6,400. Below this, the next support is at $6,375 and the 61.8% Fib retracement level of the recent wave from the $6,323 low to $6,472 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading in a positive zone above $6,375 and 100 hourly simple moving average. As long as there is no close below the 100 hourly SMA, the price is likely to accelerate above $6,440 or $6,475 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

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

Major Support Level – $6,375

Major Resistance Level – $6,475

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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

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