Bitcoin Price Watch: BTC/USD Preparing for Next Upside Wave
Bitcoin price recently dipped and then rallied above the $6,400 level against the US Dollar.
There was a break above two bearish trend lines with resistance at $6,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is currently correcting lower, but it remains supported near the $6,320-00 zone.
Bitcoin price is positioned in the positive zone above $6,300 against the US Dollar. BTC/USD could move back higher towards $6,500 in the near term.
Bitcoin Price Analysis
There were a couple of nasty swing moves above $6,100 in bitcoin price against the US Dollar. The BTC/USD pair dipped sharply below the $6,200 support area and tested the $6,100 support. A low was formed at $6,104 and later the price surged higher. There were two back to back large candles were formed above the $6,400 level. The price rallied towards the $6,580 level and a high was formed at $6,573.
During the ride, there was a break above two bearish trend lines with resistance at $6,320 on the hourly chart of the BTC/USD pair. Later, the price corrected lower below the $6,500 level. It even corrected below the 23.6% Fib retracement level of the last rally from the $6,104 low to $6,573 high. At the moment, the price is trading near the $6,400 support and the 100 hourly simple moving average. Below this, the next support is near the $6,338 level. It represents the 50% Fib retracement level of the last rally from the $6,104 low to $6,573 high. Moreover, the broken trend lines near the $6,320 level are also likely to act as supports.
Looking at the chart, bitcoin is placed nicely above the $6,320-30 zone. As long as the price is above $6,300, it could move back higher towards the $6,500 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is presently well above the 60 level.
Major Support Level – $6,320
Major Resistance Level – $6,500
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