Bitcoin Near Secret Fib Extension Resistance, Can Bulls Glow A New Rally?

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Bitcoin Near Secret Fib Extension Resistance, Can Bulls Glow A New Rally?

Bitcoin is up more than 10% and it broke the crucial $6,400 resistance versus the United States Dollar. BTC rate is now trading near the $6,650 resistance, above which it might rise to $7,000

  • Bitcoin is getting traction and it just recently climbed up back above $6,200 versus the United States Dollar.
  • The rate is now trading above the $6,400 level, however having a hard time to clear the $6,650 resistance.
  • The other day’s significant contracting triangle was breached with resistance near $6,000 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set is most likely to continue greater if it clears the $6,600 and $6,650 resistance levels.

Bitcoin Up 10%

After forming a support base near the $5,800 level, bitcoin began a fresh boost versus the United States Dollar. BTC rate stayed well quote and it just recently climbed up above the $6,000 resistance location.

The upward relocation was persuading as the other day’s significant contracting triangle was breached with resistance near $6,000 on the per hour chart of the BTC/USD set. The set even climbed up above the $6,400 resistance and the 100 per hour easy moving average.

Bitcoin Price

Bitcoin Cost

There was a clear break above the 76.4% Fib retracement level of the current decrease from the $6,471 high to $5,694 low. It unlocked for more advantages the $6,500 resistance and the $6,471 swing high.

Bitcoin evaluated the 1.236 Fib extension level of the current decrease from the $6,471 high to $5,694 low. It looks like the bears are safeguarding the crucial Fib extension resistance near $6,650

If there is an upside break above the $6,650 resistance, the price could continue to rise towards the $6,952 and $7,000 resistance levels. Any additional gains is most likely to set the speed for a sharp increase towards $7,500

Another Rejection?

If bitcoin stops working to clear the $6,650 resistance level, it might begin a fresh decrease. A preliminary assistance is near the $6,450 level. The very first significant assistance is near the $6,200 level and the 100 per hour easy moving average.

If there is a disadvantage break listed below the 100 per hour SMA, there is a threat of a bearish extension towards the $6,085 level. Any additional losses might maybe lead the rate towards the $6,000 and $5,800 assistance levels in the near term.

Technical signs:

Hourly MACD– The MACD is gradually losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index)– The RSI for BTC/USD is presently remedying lower from the 65 level.

Significant Assistance Levels– $6,200 followed by $6,000

Significant Resistance Levels– $6,650, $6,950 and $7,000

Aayush Jindal Read More.