Bitcoin Rate Watch: BTC/USD Might Grind Towards $6,800

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Bitcoin Rate Watch: BTC/USD Might Grind Towards $6,800

Bottom Line

  • Bitcoin rate traded greater just recently and broke the $6,600 and $6,620 resistance levels versus the United States Dollar.
  • There is a significant bullish pattern line in location with assistance at $6,550 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set is most likely to climb up greater towards the $6,650, $6,700 and $6,800 levels in the near term.

Bitcoin rate is located perfectly above $6,600 versus the United States Dollar. BTC/USD might speed up gains above $6,640 to evaluate the next resistance at $6,800

Bitcoin Rate Analysis

The other day, we talked about that bitcoin rate appears to be preparing for the next leg either above $6,640 or listed below $6,460 versus the United States Dollar. The BTC/USD set traded greater and broke the $6,600 and $6,620 resistance levels. There was likewise a break above the $6,640 level and the rate settled above the 100 per hour easy moving average. It traded to a brand-new weekly high at $6,688 and later on it remedied lower.

It decreased listed below the $6,650 level and the 23.6% Fib retracement level of the current wave from the $6,490 low to $6,688 high. Nevertheless, the disadvantage relocation was secured by the $6,600 level, which was a resistance previously. Additionally, the 50% Fib retracement level of the recent wave from the $6,490 low to $6,688 high acted offered assistance. There is likewise a linking bullish pattern line with assistance at $6,600 on the per hour chart of the BTC/USD set. Listed below $6,600, the 100 per hour SMA might hold losses at $6,565 There is likewise another significant bullish pattern line in location with assistance at $6,550

Bitcoin Price Analysis BTC Chart

Taking A Look At the chart, bitcoin rate is located perfectly above the $6,550 assistance. As long as the rate is above $6,550 and the 100 per hour SMA, it might climb up greater. A preliminary resistance is at $6,640, followed by $6,700 and the last one is at $6,800

Taking a look at the technical indications:

Per Hour MACD– The MACD for BTC/USD will return in the bullish zone.

Per Hour RSI (Relative Strength Index)– The RSI is presently above the 50 level.

Significant Assistance Level– $6,550

Significant Resistance Level– $6,640

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