Bitcoin Price Analysis: BTC/USD Looks Set To Climb Higher

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Bitcoin Price Analysis: BTC/USD Looks Set To Climb Higher

Bitcoin price declined recently, but it found support near the $6,355 support against the US Dollar. BTC/USD could climb high as long as it is above $6,355.

Important points

  • Bitcoin price declined and tested an important support near $6,365 recently.
  • BTC/USD is holding an important bullish trend line with support at $6,365 on the 2-hours chart.
  • BTC price is likely to jump higher as long as it is above the $6,365 and $6,355 supports.

Bitcoin price analysis

Recently, there was a downside reaction from the $6,440 resistance area in bitcoin price against the US Dollar. BTC/USDT declined towards the $6,355 support and found a strong buy zone near the $6,365 level.

The 2-hour chart indicates that the price is still trading in a major range above the $6,355 support. Recently, it was rejected from the 23.6% Fib retracement level of the downside move from the $6,755 high to $6,354 low.

bitcoin
Chart sourced by TradingView, Bitstamp

It dipped below the 100 simple moving average (2-hours) and the $6,400 level. However, buyers protected losses near an important bullish trend line with current support at $6,365 on the same chart.

The price bounced back sharply within the range and retested the $6,448 resistance area, which is the 23.6% Fib level. Above the $6,448 resistance, the main resistance for buyers is near the range at $6,490.

Therefore, a convincing close above the range resistance at $6,490, followed by a break above $6,500 is needed for an upside acceleration in the near term. The next resistance could be $6,554 and the 50% Fib retracement level of the downside move from the $6,755 high to $6,354 low.

On the downside, the trend line support holds the key near $6,365, below which the price could drop towards the range support at $6,355. It seems like the price is likely to climb higher in the near term as long as buyers continue to protect the trend line and the $6,355 support.

On the flip side, a downside break below the $6,355 support could push bitcoin price back towards the $6,260 and $6,250 support levels.

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Bitcoin Price Analysis: BTC/USD Looks Set To Climb Higher
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Bitcoin Price Analysis: BTC/USD Looks Set To Climb Higher
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Bitcoin price declined recently, but it found support near the $6,355 support against the US Dollar. BTC/USD could climb high as long as it is above $6,355.
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Author: Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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