Bitcoin (BTC) Price Could Test $6,500 Before Strong Correction
technical analysis

Bitcoin (BTC) Price Could Test $6,500 Before Strong Correction

THELOGICALINDIAN - Bitcoin amount acquired decidedly aloft the 5600 akin adjoin the US Dollar BTC is acceptable to breach the 6000 and 6250 levels afore it could alpha a abundant downside correction

Bitcoin Price Weekly Analysis (BTC)

This accomplished week, there was a significant advancement move in bitcoin amount aloft the $5,380 and $5,400 resistances adjoin the US Dollar. The BTC/USD brace bankrupt the $5,500 axis and attrition akin to move into a bullish zone. The beasts acquired traction, consistent in a advance aloft the $5,600 and $5,700 attrition levels. There was a bright breach aloft the 76.4% Fib retracement akin of the aloft bead from the $5,645 aerial to $4,929 beat low. The amount acclimatized able-bodied aloft the $5,600 akin and the 100 simple affective boilerplate (4-hours).

Finally, the amount bankrupt the $5,700 akin and the aftermost beat high. A new 2019 aerial was formed abreast $5,838 afore the amount started a downside correction. It seems like the amount faced a able attrition abreast the $5,820-5,840 zone. It represents the 1.236 Fib addendum akin of the aloft bead from the $5,645 aerial to $4,929 beat low. The amount adapted beneath the $5,700 level, but dips abide able-bodied accurate (as discussed yesterday). As a result, there was a able improvement and the amount surged aback aloft $5,700 and $5,750.

The amount is still trading beneath the aftermost beat aerial and attrition abreast $5,820-5,840. A acceptable breach aloft the $5,820-5,840 breadth is acceptable to set the clip for added upsides aloft $6,000. The amount could alike breach the $6,250 akin and barter appear the capital hurdles at $6,400 and $6,500. It won’t be accessible for the beasts to bright the $6,500 akin back it is a above axis breadth and antecedent abutment area. Therefore, there are aerial affairs of a above downside alteration if the amount analysis $6,400 or $6,500.

Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, bitcoin amount is acutely placed in a able uptrend aloft $5,600. There is additionally a key abutting bullish trend band in abode with abutment at $5,610 on the aforementioned chart. Therefore, dips could still be independent and the amount could assemblage aloft $6,000.

Technical indicators

4 hours MACD – The MACD for BTC/USD is about to move aback in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed able-bodied aloft the 50 and 60 levels.

Major Support Level – $5,600

Major Resistance Level – $5,850