Key Points
- Bitcoin price gained traction and moved above the $6,335 and $6,350 resistances against the US Dollar.
- There was a break above a key bearish trend line with resistance at $6,345 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently correcting lower, but there are decent supports near $6,345 and $6,325.
Bitcoin price is gaining upside momentum against the US Dollar. BTC/USD could dip a few points before it climbs above the $6,380 and $6,400 levels.
Bitcoin Price Analysis
Yesterday, we saw a decent upside move from the $6,220 swing low in bitcoin price against the US Dollar. The BTC/USD pair moved higher and traded above the $6,300 and $6,325 resistances. Later, there was a minor downside correction and the price tested the $6,290 support, which was a resistance earlier. The price bounced back again and traded above $6,335 and the 100 hourly simple moving average.
The upside move was strong as the price traded close to the $6,380 level. Moreover, there was a break above a key bearish trend line with resistance at $6,345 on the hourly chart of the BTC/USD pair. The pair traded as low as $6,379 and it is currently correcting lower. Sellers pushed the price below the 23.6% Fib retracement level of the recent wave from the $6,291 low to $6,379 high. At the moment, the broken trend line is acting as a support near $6,345-50. Below this, the price could test the 50% Fib retracement level of the recent wave from the $6,291 low to $6,379 high at $6,335.
Looking at the chart, bitcoin price is pointing positive signs above the $6,325 and $6,335 levels. If there is an upside break above $6,380, the price will most likely surpass $6,400 for more gains.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is slightly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed above the 50 level.
Major Support Level – $6,335
Major Resistance Level – $6,380