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technical analysis bitcoin

Bitcoin Price Watch: BTC/USD Primed for More Gains

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

Key Points

  • Bitcoin price is placed well above the $6,440 support level against the US Dollar.
  • There is a crucial bullish trend line formed with support at $6,540 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to break the $6,625 and $6,665 resistance levels to trade further higher.

Bitcoin price is trading above key supports against the US Dollar. BTC/USD needs to clear the $6,665 resistance to revisit $6,800 and $6,850.

Bitcoin Price Analysis

There was a sharp downside correction from the $6,794 high in bitcoin price against the US Dollar. The BTC/USD pair traded below the $6,600 support level, but declines were protected well above $6,400. A low was formed at $6,451 and it seems like there is a strong support formed near $6,440. Later, the price recovered above the $6,500 level and the 23.6% Fib retracement level of the downward move from the $6,794 high to $6,451 low.

BTC price traded above the 100 hourly simple moving average, but the upside move was protected by the $6,625-6,640 zone. Moreover, the 50% Fib retracement level of the downward move from the $6,794 high to $6,451 low is acting as a hurdle for buyers. Besides, there is a short-term connecting bearish trend line in place with resistance near $6,625 on the hourly chart of the BTC/USD pair. A break above the trend line could push the price towards the $6,665 resistance. It represents the 61.8% Fib retracement level of the downward move and a pivot level. If buyers push the price above $6,665, bitcoin will most likely surge towards the $6,800 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading nicely above a crucial bullish trend line formed with support at $6,540 on the same chart. As long as the price is above $6,540 and $6,440, it may perhaps trade towards $6,800.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is currently flat in the bullish zone.

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

Major Support Level – $6,440

Major Resistance Level – $6,665

Tags: bitcoinbtc
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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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