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Bitcoin Price Watch: BTC/USD Accelerating Gains Toward $6,700

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Key Points

  • Bitcoin price traded further higher and broke the $6,515 resistance area against the US Dollar.
  • There was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to accelerate gains above the $6,550 and $6,600 levels in the near term.

Bitcoin price is placed nicely above the $6,480 support against the US Dollar. BTC/USD is likely to grind higher towards the $6,700 level in the near term.

Bitcoin Price Analysis

Yesterday, there was a minor downside correction in bitcoin price from the $6,480 swing high against the US Dollar. The BTC/USD pair corrected lower and tested the $6,375 support, which acted as a major buy zone. As a result, there was a fresh upward move and the price traded above the $6,440 and $6,475 resistance levels. Moreover, the price even broke the $6,500 resistance and settled above the 100 hourly simple moving average.

More importantly, there was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair. The price spiked above the $6,500 level and traded as high as $6,553. Later, there was a downside correction below the $6,540 level. Sellers pushed the price below the 23.6% Fib retracement level of the recent wave from the $6,403 swing low to $6,553 high. However, there are many buy zones on the downside near the $6,475 level. Besides, the 50% Fib retracement level of the recent wave from the $6,403 swing low to $6,553 high is also at $6,478.

Looking at the chart, bitcoin price is placed nicely above the $6,475 and $6,440 support levels. It will most likely continue to accelerate gains above the $6,550 and $6,600 levels in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 50 level.

Major Support Level – $6,475

Major Resistance Level – $6,550


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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