Bitcoin Price Analysis: BTC/USD Primed for More Gains

Bitcoin Price Analysis Chart Source by TradingView

Bitcoin Price Analysis: BTC/USD Primed for More Gains

Bitcoin price gained traction recently and moved past $6,460 against the US Dollar. BTC/USD traded as high as $6,525 and it is currently correcting gains.

Important Points:

    • Bitcoin price settled above the $6,395 resistance and the 100 simple moving average (2-hours).
    • BTC/USD broke a monster bearish trend line with resistance at $6,410 on the 2-hours chart.
    • BTC price is currently placed in a bullish zone above the $6,395 and $6,345 supports.

Bitcoin Price Analysis

In the last analysis, we discussed that bitcoin price could be approaching towards a bullish break above the $6,395 resistance against the US Dollar. BTC/USD did gain momentum in the past two days and traded above the $6,395 and $6,460 resistance levels.

The 2-hours chart indicates that the price started a solid rise and traded above the $6,500 resistance and the 100 simple moving average (2-hours). The price traded as high as $6,525 and later it started a downside correction below $6,490.

Bitcoin Price Analysis
Bitcoin Price Analysis Chart Source by TradingView

Sellers pushed the price below the $6,460 support and the 23.6% Fib retracement level of the last wave from the $6,245 low to $6,525 high.  However, there are a few key trend support levels positioned near the $6,395 level.

First, the 100 simple moving average (2-hours) is positioned at $6,402. Second, the previous bearish trend line could act as a support near $6,395. Finally, the 50% Fib retracement level of the last wave from the $6,245 low to $6,525 high is at $6,385.

Therefore, if the price accelerates the current correction wave, buyers are likely to appear around the $6,395 or $6,385 level. Below the $6,385 level, the next support is around the $6,345 level.

On the upside, an initial resistance is $6,460, above which the price may perhaps climb above the $6,500 resistance. Finally, if there is a break above the $6,525 high, buyers could push the price towards $6,600.

Overall, bitcoin price is back in a positive zone and it could resume its upside move above $6,500 as long as buyers protect the $6,385 support plus the 100 SMA.

Summary
Bitcoin Price Analysis: BTC/USD Primed for More Gains
Article Name
Bitcoin Price Analysis: BTC/USD Primed for More Gains
Description
Bitcoin price gained traction recently and moved past $6,460 against the US Dollar. BTC/USD traded as high as $6,525 and it is currently correcting gains.
Author
Publisher Name
Coingape
Publisher Logo
Show Comments
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]

Follow Latika @