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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Price Watch: BTC/USD Could Dip and Rip Above $6,520

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price is consolidating below the $6,520 resistance level against the US Dollar.
  • Yesterday’s highlighted key ascending channel is active with support at $6,430 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could decline a few points towards $6,400 or $6,380 before it climbs higher.

Bitcoin price is currently trading in a range above $6,400 against the US Dollar. BTC/USD must break $6,520 to accelerate gains in the near term.

Bitcoin Price Analysis

During the past few sessions, there was hardly any action above $6,500 in bitcoin price against the US Dollar. The BTC/USD pair consolidated below the $6,500 and $6,520 resistance levels. Earlier, a low was formed at $6,349 before the price corrected higher. It traded above the $6,460 level, but it struggled to clear the $6,500 and $6,520 resistance levels.  Moreover, there was no close above the 23.6% Fib retracement level of the last slide from the $6,830 swing high to $6,349 low.

At the outset, yesterday’s highlighted key ascending channel is active with support at $6,430 on the hourly chart of the BTC/USD pair. The price is currently struggling to hold the channel support at $6,430. It means there are chances of a downside spike towards the $6,400 or $6,380 support levels. Below these, the next key support is near $6,320 and the 100 hourly simple moving average. Once the pair starts climbing, it could face sellers near $6,520, above which the price is likely to test $6,588. It represents the 50% Fib retracement level of the last slide from the $6,830 swing high to $6,349 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading with a minor bearish angle below $6,520. Therefore, the price could dip sharply below the channel support or $6,400 before buyers take control.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

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

Major Support Level – $6,400

Major Resistance Level – $6,520

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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