Bitcoin is gaining momentum and trading above the $ 6,500 support against the US Dollar. The price of BTC is expected to rise to $ 7,000 and $ 7,200 in the coming sessions.
- Bitcoin shows some positive signs above the $ 7,500 and $ 7,400 support levels against the US Dollar.
- If it eliminates the $ 6,800 resistance, the price could rise to $ 7,000 or even $ 7,500.
- On the hourly chart of the BTC / USD pair (data flow from Kraken) there is a large bullish trend line with support near $ 6,120.
- The pair is supported negatively around $ 6,320 and $ 6,100.
Supported Bitcoin Ruins
After a successful break above the $ 6,500 resistance, bitcoin increased its rise against the US dollar above $ 6,700. BTC price broke the $ 6,800 resistance and exceeded the 100 hourly simple moving average.
A high is formed near $ 6,880 and the price is currently lower. The 23.6% Fib retracement level of the recent upward movement from $ 5,752 to $ 6,880. tested up to.
On the downside, there are many supports starting from the $ 6,500 area. The next big boost is seen near the $ 6,520 level. Near the 50% Fib retracement level of the recent upward movement, from $ 5,752 to $ 6,880. rose to a.
More importantly, a bullish trend line is formed with support near $ 6,120 on an hourly basis. graphic BTC / USD pair. If the Bitcoin pair starts making a major downside correction, the $ 6,320 and $ 6,120 levels are likely to serve as strong support in the near term.
Any loss below $ 6,120 can put a lot of pressure on bulls. The next big boost is near the $ 5,800 and $ 5,780 levels.
On the upside, initial resistance is close to $ 6,800. If Bitcoin rises above the $ 6,800 and $ 6,820 resistance levels, there is a constant chance of upward movement.
The next key resistance is near the $ 7,000 level, where the price will rise to $ 7,200. Subsequent increases may push the price towards the $ 7,500 and $ 7,550 resistance levels in the near term.
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently rising and approaching the 60 level.
Major Support Levels – $ 6,500 followed by $ 6,320.
Major Resistance Levels – $ 6,800, $ 7,000 and $ 7,200.