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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Price Watch: BTC/USD Approaching Key Break

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin price found support near the $6,620 level and recovered well against the US Dollar.
  • There is a key contracting triangle formed with support at $6,700 and resistance near $6,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely approaching the next break either above $6,800 or below $6,650 in the near term.

Bitcoin price is placed nicely above the $6,650 level against the US Dollar. BTC/USD may soon make the next move (likely higher above $6,800).

Bitcoin Price Analysis

Recently, there was the third rejection from the $6,800-6,820 resistance zone in bitcoin price against the US Dollar. The BTC/USD pair declined and traded below the $6,700 level. However, the decline was prevented by the $6,600 support and the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last leg from the $6,360 low to $6,850 high also provided support.

As a result, the price bounced back and moved above the $6,700 resistance area. However, bitcoin buyers continue to struggle to clear the $6,800-6,820 resistance zone. A break above this is needed for a push towards the $7,000 handle in the near term. At the moment, it seems like there is a key contracting triangle formed with support at $6,700 and resistance near $6,780 on the hourly chart of the BTC/USD pair. The triangle support is close to the 50% Fib retracement level of the last wave from the $6,595 low to $6,812 high.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price is approaching the next break either above $6,800 or below $6,650 in the near term. Above $6,800, the price will most likely visit $7,000. On the flip side, a break below $6,700 and $6,650 may increase bearish pressure in the short term.

Looking at the technical indicators:

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

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

Major Support Level – $6,650

Major Resistance Level – $6,800

Tags: Bitcoin Analysisbitcoin priceBitcoin price analysisBitcoin price chartbitcoin technical analysisbtcbtcusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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