Key Points
- Bitcoin price gained bullish momentum and surged above the $6,480 and $6,550 resistances against the US Dollar.
- Yesterday’s highlighted key bearish trend line was breached with resistance near $6,475 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair traded above the $6,900 and is currently correcting lower towards key supports.
Bitcoin price broke key resistance at $6,550 against the US Dollar. BTC/USD is back in a bullish zone with a close above the $6,620 high.
Bitcoin Price Analysis
Yesterday, we discussed a few important hurdles near $6,550 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $6,400 level and later surged higher. The price started an upward move and cleared the $6,480 and $6,550 resistance levels. Moreover, there was a break above the last swing high at $6,620 and the 100 hourly simple moving average.
During the upside, yesterday’s highlighted key bearish trend line was breached with resistance near $6,475 on the hourly chart of the BTC/USD pair. A new weekly high was formed near the $6,921 level. Later, there was a downside correction below the $6,900 level. There was also a break below the 23.6% Fib retracement level of the last wave from the $6,236 low to $6,921 high. However, there are many supports on the downside near the $6,600 and $6,550 levels. Additionally, the 50% Fib retracement level of the last wave from the $6,236 low to $6,921 high is near $6,578 to act as a support.
Looking at the chart, if bitcoin is back in a positive zone with a close above the $6,550 level. On the upside, resistances are at $6,800 and $6,900, above which the price may well test the $7,000 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently retreating from the 75-80 levels.
Major Support Level – $6,550
Major Resistance Level – $6,900
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