Bitcoin Price Watch: BTC/USD Slowly Grinding Higher Towards $6,700
technical analysis

Bitcoin Price Watch: BTC/USD Slowly Grinding Higher Towards $6,700

THELOGICALINDIAN - Key Points

Bitcoin amount is accepting clip aloft the $6,400 akin adjoin the US Dollar. BTC/USD is acceptable to acceleration in the abreast appellation aloft the $6,620 level.

Bitcoin Price Analysis

Yesterday, we discussed a decent support accumulation abreast the $6,220 akin in bitcoin amount adjoin the US Dollar. There was a bifold basal arrangement formed abreast the $6,220 akin from area the BTC/USD brace climbed higher. The amount confused aloft the $6,550 akin and the 100 alternate simple affective average. Moreover, there was a abutting aloft the 38.2% Fib retracement akin of the aftermost bead from the $6,925 beat aerial to $6,210 beat low.

There was a apathetic and abiding acceleration aloft the $6,350 and $6,420 level. However, the contempo acceleration faced sellers abreast the $6,570 level. Furthermore, the 50% Fib retracement akin of the aftermost bead from the $6,925 beat aerial to $6,210 beat low. Additionally, there is a concise application triangle basic with attrition abreast $6,610 akin on the alternate blueprint of the BTC/USD pair. A breach aloft the triangle attrition abreast $6,610 akin is bare for more gains in the abreast term. Aloft this, the amount may conceivably acceleration aloft the $6,700 level.

Bitcoin Price Analysis BTC USD

Looking at the chart, if bitcoin corrects lower, the $6,420 akin is a appropriate support. Beneath this, the abutting above abutment is abreast the $6,350 level. Only a abutting beneath the $6,220 akin is acceptable to access added bearish pressures in the abreast term.

Looking at the abstruse indicators:

Hourly MACD – The MACD for BTC/USD is affective boring in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is able-bodied aloft the 50 level.

Major Support Level – $6,350

Major Resistance Level – $6,610