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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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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

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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