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Bitcoin price is trading with bullish moves above $6,380 against the US Dollar. BTC/USD is slowly rising and it may perhaps rise above $6,560/80 in the near term.
Important points
- Bitcoin’s decline is pointing positive signs above the $6,400 level.
- There is a key bullish trend line formed with support at $6,400 on the 2-hour chart of BTC/USD.
- BTC price is gaining pace and it seems like there could be a break above $6,580 and $6,600 in the near term.
Bitcoin price analysis
There was a strong reaction near the $6,300 support area in bitcoin price against the US Dollar. BTC/USD is gaining pace slowly and steadily with a close above the $6,380 and $6,420 resistance levels.
The 2-hours chart of BTC price found a lot of buying interest near the $6,240 and $6,260 levels. The price moved higher and traded above the 23.6% Fibonacci retracement level of the last drop from the $6,881 high to $6,246 low.
There was a close above the $6,420 level and the 100 simple moving average (2-hours). The upside move was such that the price traded above the $6,500 level.
However, the upside move is facing a lot of barriers near the $6,560 level and the 50% Fibonacci retracement level of the last drop from the $6,881 high to $6,246 low. Should there be a close above the $6,580 level and the $6,600 level, there could be more gains above the $6,650 level.
The next major resistance is near the 76.4% Fibonacci retracement level of the last drop at $6,731. On the flip side, if there is a decline below the $6,480 level, the price could find support near the $6,380 level and the 100 SMA.
There is also a crucial bullish trend line with support at $6,380 level, which is likely to act as a strong buy zone.
Overall, the current price action is positive above the $6,380 level and the 100 SMA. On the upside, a proper 2-hour close above the $6,580 level may well provide a boost to buying sentiment.
Also, read: Bitcoin Remains the King as Altcoins Purge, An Imminent Death or a Golden Shot?
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