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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch: BTC/USD Could Grind Towards $6,800

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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Key Points

  • Bitcoin price traded higher recently and broke the $6,600 and $6,620 resistance levels against the US Dollar.
  • There is a major bullish trend line in place with support at $6,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to climb higher towards the $6,650, $6,700 and $6,800 levels in the near term.

Bitcoin price is positioned nicely above $6,600 against the US Dollar. BTC/USD could accelerate gains above $6,640 to test the next resistance at $6,800.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price seems to be preparing for the next leg either above $6,640 or below $6,460 against the US Dollar. The BTC/USD pair traded higher and broke the $6,600 and $6,620 resistance levels. There was also a break above the $6,640 level and the price settled above the 100 hourly simple moving average. It traded to a new weekly high at $6,688 and later it corrected lower.

It declined below the $6,650 level and the 23.6% Fib retracement level of the recent wave from the $6,490 low to $6,688 high. However, the downside move was protected by the $6,600 level, which was a resistance earlier. Moreover, the 50% Fib retracement level of the recent wave from the $6,490 low to $6,688 high acted provided support. There is also a connecting bullish trend line with support at $6,600 on the hourly chart of the BTC/USD pair. Below $6,600, the 100 hourly SMA could hold losses at $6,565. There is also another major bullish trend line in place with support at $6,550.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is positioned nicely above the $6,550 support. As long as the price is above $6,550 and the 100 hourly SMA, it could climb higher. An initial resistance is at $6,640, followed by $6,700 and the last one is at $6,800.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

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

Major Support Level – $6,550

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.

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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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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