Bitcoin Rate Weekly Analysis: BTC/USD Above $6,500 Might Speed Up Gains

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Bitcoin Rate Weekly Analysis: BTC/USD Above $6,500 Might Speed Up Gains

Bottom Line

  • Bitcoin rate decreased just recently and checked the $6,350 assistance level versus the United States Dollar.
  • There was a break above a linking bearish pattern line with resistance at $6,410 on the 4-hours chart of the BTC/USD set (information feed from Kraken).
  • The set is dealing with a strong resistance near the $6,480 and $6,500 levels.

Bitcoin rate is combining above the $6,350 assistance versus the United States Dollar. BTC/USD needs to break the $6,500 resistance zone to move into a bullish zone.

Bitcoin Rate Analysis

There were more than 3 efforts to exceed the $6,480 and $6,500 resistances by bitcoin rate versus the United States Dollar. The BTC/USD set stopped working to acquire momentum above the $6,500 level and later on decreased. The rate traded below the $6,400 support and checked the $6,350 assistance. Throughout the decrease, there was a break listed below the 61.8% Fib retracement level of the last wave from the $6,150 swing low to $6,825 high.

Nevertheless, purchasers handled to hold losses listed below the $6,350 assistance level. There was likewise no test of the 76.4% Fib retracement level of the last wave from the $6,150 swing low to $6,825 high. Later on, the rate began a good healing and moved above the $6,400 resistance. Additionally, there was a break above a linking bearish pattern line with resistance at $6,410 on the 4-hours chart of the BTC/USD set. The set is presently trading listed below the $6,450 resistance. The most important hurdle for buyers is near the $6,480 and $6,500 levels.

Bitcoin Price Weekly Analysis BTC Chart

Taking A Look At the chart, BTC rate might try to clear the $6,500 resistance in the coming sessions. If purchasers are successful, there might well be more gains above the $6,550 level and the 100 SMA. On the other hand, if the rate stops working once again to break $6,500, it may decrease to $6,350 or perhaps $6,200

Taking a look at the technical indications:

4-hours MACD– The MACD for BTC/USD is gradually returning in the bullish zone.

4-hours RSI (Relative Strength Index)– The RSI is presently well above the 50 level.

Significant Assistance Level– $6,350

Significant Resistance Level– $6,500

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