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technical analysis bitcoin

Bitcoin Price Watch: Close Above $6,600 Could Lift Market Sentiment

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

Key Points

  • Bitcoin price found support near $6,400 and bounced back against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is acting as a hurdle near $6,580-6,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair needs to surpass the trend line and the $6,600 resistance to extend gains in the near term.

Bitcoin price bounced back from the $6,400 support against the US Dollar. BTC/USD buyers need to gain strength above $6,600 for further upsides.

Bitcoin Price Analysis

Yesterday, we saw a bearish break below the $6,600 support in bitcoin price against the US Dollar. The BTC/USD pair traded below the $6,500 support and tested the $6,400 support. Later, the price formed a base near $6,400 and later started an upward move. There was a break above the $6,500 resistance and the price rallied above the $6,540 level.

During the upside, the price surpassed the 50% Fib retracement level of the last drop from the $6,640 swing high to $6,402 swing low. Moreover, there was a break above a connecting bearish trend line at $6,505 on the hourly chart of the BTC/USD pair. The pair even traded above the $6,560 level and the 100 hourly simple moving average. However, it seems like the price ran into a significant resistance at $6,580-6,660. More importantly, yesterday’s highlighted key bearish trend line is acting as a hurdle near $6,580-6,600 on the hourly chart of the BTC/USD pair. A proper close above the trend line and $6,600 is needed for buyers to take control. The next resistances are at $6,640 and $6,700.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price bounced back nicely from $6,400, but it ran into the key $6,600 resistance. If buyers fail to break the stated resistance, there could be a fresh decline towards $6,480 and $6,400.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is well above the 60 level.

Major Support Level – $6,400

Major Resistance Level – $6,600

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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