Bitcoin price is trading nicely above the ,400 and ,220 support levels against the US Dollar.It is facing a major hurdle on the upside near the ,840 and ,000 levels.There is a major contracting triangle forming with resistance near ,820 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct a few points, but it is likely to remain well supported near ,400 and ,300.Bitcoin price is trading in a positive zone above the ,400 level against the US Dollar. However, BTC must climb above the ,000 resistance level to continue higher in the near term.Bitcoin Price AnalysisIn the past few days, there were positive moves in bitcoin price above the ,000 level against the US Dollar. BTC even surpassed the ,200 resistance and settled above the 55
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- Bitcoin price is trading nicely above the $6,400 and $6,220 support levels against the US Dollar.
- It is facing a major hurdle on the upside near the $6,840 and $7,000 levels.
- There is a major contracting triangle forming with resistance near $6,820 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could correct a few points, but it is likely to remain well supported near $6,400 and $6,300.
Bitcoin price is trading in a positive zone above the $6,400 level against the US Dollar. However, BTC must climb above the $7,000 resistance level to continue higher in the near term.
Bitcoin Price Analysis
In the past few days, there were positive moves in bitcoin price above the $6,000 level against the US Dollar. BTC even surpassed the $6,200 resistance and settled above the 55 simple moving average (4-hours).
It traded as high as $6,931 before correcting lower. The price retested the $5,700 support area and traded as low as $5,665. It is currently rising and trading above the $6,220 resistance level.
There was a break above the 50% Fib retracement level of the downward move from the $7,931 high to $5,665 low. However, the price seems to be facing a lot of hurdles on the upside, starting with $6,800.
It is currently consolidating near the 76.4% Fib retracement level of the downward move from the $7,931 high to $5,665 low. Besides, there is a major contracting triangle forming with resistance near $6,820 on the 4-hours chart of the BTC/USD pair.
If there is an upside break above the triangle resistance, the price could rise above the $6,931 swing high. In the mentioned case, the price may perhaps rise above the $7,000 resistance and continue higher.
The next key resistance is near the $7,300 area and the 1.236 Fib extension level of the downward move from the $7,931 high to $5,665 low. Any further gains could lead the price towards the $7,500 resistance area.
On the other hand, the price could decline from the $6,800 resistance level. An initial support is near the $6,485 level, followed by the triangle support at $6,300. If there is a downside break below $6,300, the price might even slide to $6,000.
Bitcoin Price
Looking at the chart, bitcoin price is clearly approaching a crucial upside break above $6,800 and $7,000. If it fails, there is a risk of a fresh decline to $6,000.
Technical indicators
4 hours MACD – The MACD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently rising and it is well above the 50 level.
Key Support Levels – $6,500 and $6,300.
Key Resistance Levels – $6,800, $7,000 and $7,300.