Key Points
- Bitcoin price is trading with a bullish angle above the $6,430 level against the US Dollar.
- There was a clear break above a major bearish trend line with resistance at $6,435 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair recently managed to surpass a major resistance near the $6,600 level.
Bitcoin price settled above a key pivot at $6,430 against the US Dollar. BTC/USD could accelerate towards $6,850 if buyers succeed in surpassing the $6,750 resistance.
Bitcoin Price Analysis
There was an upside extension above the $6,400 level in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,430 and $6,450 resistance levels to trade further into the bullish zone. There was even a close above the $6,500 level and the 100 hourly simple moving average. These are all positive signs above the $6,430 pivot level and the $6,400 support area.
During the upside, there was a clear break above a major bearish trend line with resistance at $6,435 on the hourly chart of the BTC/USD pair. The pair traded towards the $6.590 and $6,600 resistance levels, which prevented gains. Later, the price gained traction, surged above the $6,600 resistance, and traded as high as $6,743. It is currently consolidating gains above the 23.6% Fib retracement level of the last upward move from the $6,339 low to $6,743 high. If there is an extension, the price may perhaps test the $6,600 level. It is above the 50% Fib retracement level of the last upward move from the $6,339 low to $6,743 high. The most important support is near the $6,430 pivot level.
Looking at the chart, bitcoin price may possibly break the $6,750 resistance. The next target for buyers could be $6,850, which is also a significant resistance. On the flip side, dips towards $6,600 are likely to attract buyers.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed well above the 60 level.
Major Support Level – $6,600
Major Resistance Level – $6,750
