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- The price of bitcoin rose above resistance levels of $ 6,400 and $ 6,440 against the US dollar.
- The price tested the key resistance level of $ 6,500, as shown in yesterday's analysis.
- In addition, the important uptrend line highlighted yesterday is intact with $ 6,060 support on the BTC / USD time chart (data feed from Kraken).
- The pair remains in a strong uptrend and it seems that the real test for bulls could be close to $ 6,850.
The price of bitcoin exceeds its level of $ 6,450 against the US dollar. BTC follows a solid bullish trajectory and it seems that it could even test the $ 6,800 level in the near term.
Bitcoin price analysis
Yesterday, we saw a sharp rise in the price of bitcoin compared to the resistance zone of USD 6 200 against the US dollar. The BTC / USD pair has even surpassed the $ 6,350 level and is well above the single 100-hour moving average. As a result, the bulls have control and have managed to eliminate a major resistance zone close to the $ 6,400 level. Previously, there was a slight decline, but levels of $ 6,280 and $ 6,300 provided support. As a result, the price rebounded and surpassed the $ 6,450 level.
He recently tested the $ 6,500 level and is currently consolidating the gains. The initial support is close to $ 6,440 and the Fib retracement level is 23.6% of the recent wave, rising from a low of $ 6,245 to a high of $ 6,500. However, the main support is close to the previous discussion area at $ 6,400. In addition, the Fib retracement level of 50% of the recent wave, from $ 6,245 to $ 6,500, is also close to the $ 6,400 level, making it a strong support. Below $ 6,400, the price could fall back to the support zone of $ 6,250.
More importantly, the important uptrend line highlighted yesterday is intact with support at $ 6,060 on the BTC / USD time chart. The pair is clearly in a strong uptrend and it even seems that it could even break the $ 6,550 and $ 6,600 levels in future sessions. As a result, the main target for bulls could be around the levels of $ 6,800 and $ 6,850 (as shown in one of the previous analyzes with the daily chart).
Looking at the chart, the price of bitcoins is gaining ground above the $ 6,400 level. There may be some swing moves to $ 6,400 or $ 6,300, but the lows are well supported. Only a close below the $ 6,000 pivot level and the 100-hour SMA could trigger a sharp correction.
Technical indicators:
Hourly MACD – The MACD is poised to gain ground in the bullish zone, with bullish signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is moving up to level 75.
Key levels of support – $ 6,400, followed by $ 6,250.
Main resistance levels – $ 6,500, $ 6,600 and $ 6,800.
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