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- The price of bitcoin was insensitive and it has recently broken through the resistance level of $ 6,200 against the US dollar.
- The price has even exceeded the $ 6,300 level and it seems that the bulls are now targeting $ 6,500.
- A major bullish trend curve is formed with USD 6,050 support on the BTC / USD time chart (data feed from Kraken).
- The pair could find a strong buying interest if it corrects lower towards $ 6,100 or $ 6,000.
The price of bitcoins has risen by more than 4% and has generated $ 6,300 against the US dollar. BTC remains in a strong uptrend and it looks like bulls are now targeting a $ 6,400 or even $ 6,500 test.
Bitcoin price analysis
This week, the price of bitcoin overcame all obstacles and exceeded $ 6,000 and $ 6,200 against the US dollar. The BTC / USD pair gained momentum after settling above $ 6,100 and the single 100-hour moving average. Recently, he broke a bullish flag with a close resistance of $ 6,040 on the hourly chart to start a strong bullish movement. As a result, the bulls pushed the price above the resistance levels of $ 6,250 and $ 6,300. A new high of 2019 has been formed at $ 6,315 and the price is likely to prolong the gains.
The initial support is around $ 6,230 and the Fib retracement level of 23.6% from the recent rebound, from $ 5,961 to $ 6,315. If there is a negative extension, the next key support could be $ 6,140. It represents the 50% Fib retracement level of the recent rebound from $ 5,961 to $ 6,315. More importantly, a major uptrend line is forming with support at $ 6,050 on the BTC / USD time chart. In addition, the previous resistance zone, close to $ 6,050, should be a strong buying zone if the price corrects downward.
In addition, the price is now well above the $ 6,000 pivot level and the 100-hour ADM bullish. As a result, there are chances for more info above the $ 6,300 and $ 6,350 levels. The next major hurdle is near the $ 6,400 level, above which the price could rise to $ 6,500.
Looking at the chart, the price of bitcoin gains bullish momentum above $ 6,200 and $ 6,300, with no major bear signs. In the short term, there may be some bearish movements, but the lows would remain supported at the levels of $ 6,200 and $ 6,100. Only a daily close below $ 6,000 and the 100-hour ADM could begin a significant downward correction.
Technical indicators:
Hourly MACD – The MACD is currently heavily positioned in the bullish zone, with positive signs.
RSI (Relative Strength Index) – The RSI for BTC / USD is currently lower in the overbought zone.
Key levels of support – $ 6,200 followed by $ 6,140.
Main resistance levels – $ 6,300, $ 6,400 and $ 6,500.
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