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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 Remains Range Bound

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

Key Points

  • Bitcoin price is stuck in a tight range between the $6,000 and $6,300 levels against the US Dollar.
  • There is a declining channel forming with resistance near $6,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the trend line, $6,200 and $6,300 resistance levels to gain upside momentum.

Bitcoin price remained in a range above $6,000 against the US Dollar. BTC/USD needs to clear the $6,200-6,300 hurdle for an extended recovery in the near term.

Bitcoin Price Analysis

During the past three sessions, there was no major move above $6,220 in bitcoin price against the US Dollar. The BTC/USD pair remained confined in a range below the $6,300 resistance. The best part was the fact that buyers managed to hold the $6,000 support. It is currently flirting with the 100 hourly simple moving average and $6,100. Recently, it dipped a few points and tested the $6,000 support.

There was a test of the 50% Fib retracement level of the last leg from the $5,660 swing low to $6,340 swing high. However, buyers appeared and protected a downside break below $6,000. There is a declining channel forming with resistance near $6,180 on the hourly chart of the BTC/USD pair. As long as the price is above the $6,000 support, there are chances of an upside move. A break below $6,000 may put a lot of pressure on buyers and the price could drop back to $5,660. On the flip side, an upside break above $6,180 will most likely call for a test of the $6,300 resistance.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price is mostly trading in a range above the $6,000. There are a few positive signs, but an upside break above $6,200-6,300 won’t be easy in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is mostly flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving around the 50 level.

Major Support Level – $6,000

Major Resistance Level – $6,180

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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