Key Points
- Bitcoin price surged higher and broke the $6,540-50 resistance area against the US Dollar.
- Yesterday’s highlighted important bearish trend line was breached with resistance at $6,495 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now placed well above the $6,580 pivot level and it could accelerate towards $6,840.
Bitcoin price is gaining traction above $6,640 against the US Dollar. BTC/USD is likely to move further higher towards $6,840 and $6,880 if buyers remain in action.
Bitcoin Price Analysis
After a brief struggle to break $6,540, buyers finally gained momentum to push bitcoin price higher against the US Dollar. The BTC/USD pair traded higher and broke the $6,550 and $6,580 resistance levels. There was even a close above the $6,620 level and the 100 hourly simple moving average. Furthermore, the price traded above the 61.8% Fib retracement level of the last slide from the $6,839 high to $6,318 low.
More importantly, yesterday’s highlighted important bearish trend line was breached with resistance at $6,495 on the hourly chart of the BTC/USD pair. The pair even broke the $6,720 resistance and is currently placed nicely in a bullish zone. It seems like the price could settle above the 76.4% Fib retracement level of the last slide from the $6,839 high to $6,318 low. The next resistance for buyers is near the $6,840 swing high. Above this, the price could target a new weekly higher towards the $6,900 level.
Looking at the chart, bitcoin price is gaining traction above the $6,700 level. If buyers remain in action, the price could continue to move higher towards the $6,840 level. On the downside, dips towards $6,640 and $6,600 are likely to find a strong buying interest in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now well above the 60 level.
Major Support Level – $6,640
Major Resistance Level – $6,840