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Home Technical analysis

Bitcoin Price Watch: BTC/USD Could Recover Further

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
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Key Points

  • Bitcoin price started an upward correction from the $6,131 low against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $6,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could move further above the $6,600 level if buyers remain in action in the near term.

Bitcoin price is showing recovery signs above the $6,400 level against the US Dollar. BTC/USD may perhaps continue to recover towards the $7,000 level.

Bitcoin Price Analysis

There was a solid buying interest emerged above the $6,000 level in bitcoin price against the US Dollar. The BTC/USD pair formed a low at $6,131 and started an upward move. It gained pace and broke the $6,200 and $6,300 resistance levels. There was also a break above the 50% Fib retracement level of the last drop from the $6,900 swing high to $6,130 swing low.

More importantly, there was a break above a major bearish trend line with resistance at $6,400 on the hourly chart of the BTC/USD pair. The pair is currently flirting with the $6,650 level and the 100 hourly simple moving average. Should there be an upside break above $6,800, there could be more gains in the near term. Furthermore, a break above the 76.4% Fib retracement level of the last drop from the $6,900 swing high to $6,130 swing low may perhaps clear the way for $7,000.

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Bitcoin Price Analysis BTC USD

Looking at the chart, the price is currently trading in a range around the $6,600 level. There may be a slight downward reaction towards the $6,500 level, but buyers are likely to take a stand. Below $6,500, the next major support is around the $6,400 level. On the upside, the $7,000 level is a major barrier for more gains.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI has settled above the 50 level.

Major Support Level – $6,400

Major Resistance Level – $7,000

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 with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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