Bitcoin price slowly and steadily climbed from the $6,355 support against the US Dollar. BTC/USD broke the $6,420 resistance to move into a short term bullish zone.
- Bitcoin price remained well supported above the $6,355 pivot area.
- BTC/USD broke a connecting bearish trend line with resistance at $6,420 on the 2-hours chart.
- BTC price must break the range resistance at $6,490 to climb further higher.
Bitcoin price analysis
After a brief consolidation above the $6,355 support level, bitcoin price started an upward move against the US Dollar. BTC/USDT gained traction above the $6,380 and $6,400 levels to stage a decent trend towards $6,450.
The 2-hour chart indicates that the price traded above the $6,420 resistance and the 100 simple moving average (2-hours), opening the doors for more gains.
Buyers were successful in clearing a connecting bearish trend line with resistance at $6,420 on the same chart. However, there was no gain in momentum above the 23.6% Fib retracement level of the last decline from the $6,755 high to $6,355 low.
More importantly, the range resistance near the $6,490 is still intact. Buyers need to clear the 23.6% Fib level and the $6,490 range resistance to moving further higher.
If they succeed in pushing the price above the $6,490 resistance, bitcoin could move towards the 6,555 resistance. It represents the 50% Fib retracement level of the last decline from the $6,755 high to $6,355 low.
On the other hand, if there is a downside correction, the broken hurdle near the $6,420 level and the 100 SMA are likely to act as solid supports. Below $6,420, the pair may perhaps decline towards the range support at $6,355.
Below the range support, there is a connecting bullish trend line with support at $6,320 on the same chart. The current price action is slightly positive as long as bitcoin is trading above the $6,420 level and the 100 SMA.
The next move in BTC/USD depends whether the price gains traction above the $6,490 resistance in the near term. The main hurdles above $6,490 are at $6,555 and $6,600.