Bitcoin (BTC) Price Hits $6.5K Target: $6.85K Could Be The Real Test
technical analysis

Bitcoin (BTC) Price Hits $6.5K Target: $6.85K Could Be The Real Test

THELOGICALINDIAN - Bitcoin amount is extending its assemblage aloft the 6450 akin adjoin the US Dollar BTC is afterward a solid bullish aisle and it seems like it could alike analysis the 6800 akin in the abreast term

Bitcoin Price Analysis

Yesterday, we saw a able acceleration in bitcoin amount aloft the $6,200 attrition breadth adjoin the US Dollar. The BTC/USD brace alike bankrupt the $6,350 akin and acclimatized able-bodied aloft the 100 alternate simple affective average. As a result, the beasts are in ascendancy and they were acknowledged in allowance a above attrition breadth abreast the $6,400 level. Earlier, there was a accessory dip, but the $6,280 and $6,300 levels provided support. As a result, the amount bounced aback and bankrupt the $6,450 level.

It afresh activated the $6,500 akin and is currently accumulation gains. An antecedent abutment is abreast $6,440, and the 23.6% Fib retracement akin of the contempo beachcomber from the $6,245 low to $6,500 high. However, the capital abutment is abreast the antecedent blemish breadth at $6,400. Besides, the 50% Fib retracement akin of the contempo beachcomber from the $6,245 low to $6,500 aerial is additionally abreast the $6,400 akin to act as a able support. Below $6,400, the amount may abatement aback appear the $6,250 abutment area.

More importantly, yesterday’s accent important bullish trend band is complete with abutment at $6,060 on the alternate blueprint of the BTC/USD pair. The brace is acutely in a able uptrend and it seems like it could alike breach the $6,550 and $6,600 levels in the advancing sessions. As a result, the capital ambition for the beasts could abreast the $6,800 and $6,850 levels (as acicular out in one of the previous assay with the circadian chart).

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is accepting absorption aloft the $6,400 level. There may be a brace of beat moves appear $6,400 or $6,300, but dips abide able-bodied supported. Only a abutting beneath the $6,000 axis akin and the 100 alternate SMA could alpha a able correction.

Technical indicators:

Hourly MACD – The MACD is about to accretion drive in the bullish zone, with bullish signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is affective college appear the 75 level.

Major Support Levels – $6,400 followed by $6,250.

Major Resistance Levels – $6,500, $6,600 and $6,800.