Analysis Technical

Bitcoin Price Watch: BTC/USD Could Resume Uptrend Above $6,440

Aayush Jindal | November 6, 2018 | 9:28 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Could Resume Uptrend Above $6,440

Aayush Jindal | November 6, 2018 | 9:28 am

Key Points

  • Bitcoin price corrected lower recently after trading as high as $6,472 against the US Dollar.
  • There is a major bullish trend line in place with support at $6,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is positioned for the next wave, which could be above the $6,420 resistance.

Bitcoin price is trading in a positive zone against the US Dollar. BTC/USD could continue to move higher as long as it is above $6,375 support level.

Bitcoin Price Analysis

Yesterday, bitcoin price started a downside correction after trading as high as $6,472 against the US Dollar. The BTC/USD pair declined below the $6,440 and $6,420 support levels. It also broke the 50% Fib retracement level of the last leg from the $6,319 low to $6,472 high. However, the price is still trading well above the $6,375 support and the 100 hourly simple moving average.

The price recently tested the $6,370-6,375 area, which acted as a support. Besides, the 61.8% Fib retracement level of the last leg from the $6,319 low to $6,472 high also provided support. More importantly, there is a major bullish trend line in place with support at $6,390 on the hourly chart of the BTC/USD pair. The pair is currently placed nicely above the $6,375 support and the 100 hourly simple moving average. On the upside, there is a connecting bearish trend line with resistance at $6,420. It seems like the price could dip towards $6,375 before it starts a fresh upward move above $6,420 and $6,440.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is still in an uptrend from the $6,200 support. Once buyers push the price above $6,440, there could be more gains above the $6,475 level in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $6,375

Major Resistance Level – $6,440

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 best UK casinos
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.