Key Points
- Bitcoin price slowly climbed above a major resistance area near $6,300 against the US Dollar.
- There was a break above two important bearish trend lines near $6,310 and $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to surge further higher towards the next resistance at $6,450.
Bitcoin price is gaining bullish momentum above $6,300 against the US Dollar. BTC/USD may perhaps test the next major barrier near $6,450 in the near term.
Bitcoin Price Analysis
Bitcoin price settled above the $6,200 support area to start an upward wave against the US Dollar. The BTC/USD pair slowly and steadily moved higher and broke a key resistance area near $6,300. The upside move was such that the price moved into a bullish zone above $6,200 and the 100 hourly simple moving average. It opened the doors for more gains and the price traded above the 23.6% Fib retracement level of the last decline from the $6,800 high to $6,081 low.
More importantly, there was a break above two important bearish trend lines near $6,310 and $6,350 on the hourly chart of the BTC/USD pair. The pair is now trading above the $6,350 level and it looks set for more gains. The next crucial resistance awaits near the $6,450 level. It also represents the 50% Fib retracement level of the last decline from the $6,800 high to $6,081 low. Should, bitcoin buyers succeed in clearing the $6,450 resistance, there could be a sharp upward move towards the $6,700 level.
Looking at the chart, there are many positive signs emerging above $6,300. If the recent bullish break is valid, the price is likely to climb further towards $6,450 and $6,550 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is showing positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed well above the 50 level with an upward angle.
Major Support Level – $6,240
Major Resistance Level – $6,450
