Bottom Line
- Bitcoin rate traded even more greater above the $6,450 and $6,510 resistances versus the United States Dollar.
- There is a short-term rising channel in location with assistance at $6,505 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set is most likely forming a double leading pattern near the $6,600 resistance.
Bitcoin rate got traction above $6,450 and checked $6,600 versus the United States Dollar. BTC/USD is presently having a hard time to clear $6,600 and it might fix lower in the short-term.
Bitcoin Rate Analysis
The other day, we saw an upside break above the $6,320 resistance in bitcoin rate versus the United States Dollar. The BTC/USD set got traction and it climbed up above the $6,450 and $6,510 resistance levels. There was a favorable rate action established above the $6,500 level and the 100 per hour basic moving average. The rate even checked the $6,600 level where sellers emerged.
The chart shows that the rate checked the $6,600 resistance on 2 events and stopped working. This suggests there is an opportunity of a double leading pattern forming near $6,600 On the drawback, a preliminary assistance is near the $6,510 level. It is close to the 23.6% Fib retracement level of the current leg from the $6,200 swing low to $6,600 high. Additionally, there is a short-term rising channel in location with assistance at $6,505 on the per hour chart of the BTC/USD set. If the set breaks the channel assistance, it could decline to $6,400 The $6,400 assistance is very important considering that it is the 50% Fib retracement level of the current leg from the $6,200 swing low to $6,600 high.
Taking A Look At the chart, bitcoin should break the $6,600 resistance quickly. If not, the rate might fix lower to $6,510 or $6,400 in the near term. Above $6,600, the rate might climb up to $6,720 and $6,750
Taking a look at the technical signs:
Per Hour MACD— The MACD for BTC/USD is gradually relocating the bullish zone.
Per Hour RSI (Relative Strength Index) — The RSI is currently located perfectly above the 60 level.
Significant Assistance Level— $6,400
Significant Resistance Level— $6,600
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