Bitcoin Price Watch: BTC/USD’s Bounce From Lows Looks Real

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin price declined and retested the $6,200 support before recovering sharply against the US Dollar.
There was a break above a major bearish trend line with resistance at $6,275 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price may correct a few points, but it could find support near the $6,290 or $6,245 level.

Bitcoin price is holding gains above $6,290 against the US Dollar. BTC/USD could climb further higher towards the $6,355 and $6,385 resistance levels.

Bitcoin Price Analysis

Yesterday, we discussed chances of more losses below the $6,250 support in bitcoin price against the US Dollar. The BTC/USD pair did move down below the $6,250 and retested the $6,200 support. However, there was a strong buying interest near the $6,200 zone, resulting in a sharp recovery. The price traded as low as $6,205 and later jumped above the $6,290 and $6,300 resistance levels.

The upside move was strong as the price spiked above the $6,355 resistance and the 100 hourly simple moving average. However, buyers failed to hold gains above the $6,355 level, which resulted in a push below $6,320 and the 100 hourly SMA. The price tested the 50% Fib retracement level of the recent wave from the $6,205 low to $6,377 high. The current price action is positive and it seems like the price may climb back towards $6,355 or $6,385 in the near term. An initial support awaits near $6,290 followed by the 61.8% Fib retracement level of the recent wave from the $6,205 low to $6,377 high. The main support on the downside below $6,271 is near the $6,245 level.

Looking at the chart, bitcoin price is nicely supported near $6,290 and $6,245. As long as there is no break below the recent low, the price could recover above $6,355.

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 well above the 50 level.

Major Support Level – $6,245

Major Resistance Level – $6,355

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.

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.
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