Bitcoin Price Watch: BTC/USD Could Rebound Above $6,500

Key Points


Bitcoin price found support near the $5,970-6,000 area and recovered nicely against the US Dollar.
There is a major contracting triangle forming with resistance near $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must break the $6,480 and $6,570 resistance levels to gain upside momentum in the near term.

Bitcoin price is showing positive signs above $6,280 against the US Dollar. BTC/USD could soon break the $6,480 and $6,570 resistances to rebound further.

Bitcoin Price Analysis

This past week, we saw heavy declines below $6,550 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $6,000 support, but buyers appeared and protected more declines. A low was formed at $5,794 and the price started an upward correction. The price moved above the $6,200 resistance and traded with bullish moves during the past few hours. It even broke the 23.6% Fib retracement level of the recent decline from the $7,166 high to $5,974 low.

However, the upside move is facing sellers near the $6,500 level. The 38.2% Fib retracement level of the recent decline from the $7,166 high to $5,974 low is also acting as a hurdle. More importantly, there is a major contracting triangle forming with resistance near $6,480 on the hourly chart of the BTC/USD pair. Should the price break the triangle resistance and $6,500, it could trade further higher. The next resistance is the $6,570 level, which is the 50% Fib retracement level. Above this, the price may even trade above the $6,650 level in the near term. On the other hand, if the price fails to move past $6,480 and drops below $6,280, there could be a bearish reaction.

Looking at the chart, the current price action is positive, but bitcoin must stay above $6,280 to move past $6,480 and $6,570 in the near term.

Looking at the technical indicators:

Hourly MACD The MACD for BTC/USD is placed in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI is currently well above the 50 level.

Major Support Level $6,280

Major Resistance Level $6,570

The post Bitcoin Price Watch: BTC/USD Could Rebound Above $6,500 appeared first on NewsBTC.

13.08.2018 / 01:50 44
Ethereum Classic Price Analysis: ETC/USD Eyeing Break above $17.40 Ethereum Classic Price Analysis:
Key Highlights Ethereum classic price is trading in a bullish zone above the $16.50 support against the US dollar. There is a crucial contracting
Ethereum Price Analysis: Can ETH/USD Hold Gains Above $466? Ethereum Price Analysis: Can ETH/USD
Key Highlights ETH price started a fresh upside move and traded above the $465 and $470 resistances against the US Dollar. There was a break above a
Bitcoin Price Weekly Analysis: BTC/USDs Triangle Break Near Bitcoin Price Weekly Analysis:
Key Points Bitcoin price formed a decent support near $6,050 and recovered against the US Dollar. There is a key triangle forming with resistance
Ethereum Price Analysis: ETH/USD Could Break Higher Ethereum Price Analysis: ETH/USD Could
Key Highlights ETH price is positioned nicely above the $438.00 and $435.00 support levels against the US Dollar. There is a key contracting triangle
Bitcoin Price Watch: BTC/USD Approaching Key Break Bitcoin Price Watch: BTC/USD
Key Points Bitcoin price found support near the $6,620 level and recovered well against the US Dollar. There is a key contracting triangle formed
Bitcoin Price Watch: BTC/USD Struggling Near $8,500 Bitcoin Price Watch: BTC/USD Struggling
Key Points Bitcoin price found support above $8,000 and recovered nicely against the US Dollar. There is a breakout pattern forming with resistance
Comments (0)
Add a comment
Comment on